Wall Street ended the first session of the second half of the year on an upward trend... which seems to be building on the momentum of the second quarter, with a new closing record for the Nasdaq Composite (+0.83%), which completely reversed course over the hours to close at 17,879.

The Nasdaq-100 gained nearly +0.7% in the wake of Tesla +6.5%, MongoDb +5.4%, Zscaler +3.4%, Apple +2.9%, Microsoft +2.2%, Sirius and Amazon +2%, Marvell +1.6%...

Conversely, the Dow Jones, which gained +0.7% around 3.35pm, ended up a paltry +0.13% at 39,169, while the S&P500 settled for +0.27% at 5,475 (no record in sight).... the 5,500 mark should have been broken again).

It would seem that the deterioration in the bond markets weighed on the trend from mid-day onwards... on the other hand, the 'technos' completely ignored this handicap, even though they are reputed to be more vulnerable to rising rates.

Wall Street largely ignored the first statistic of the second half of the year: the contraction of the US manufacturing sector worsened slightly in June, continuing to reflect weak demand.

This was demonstrated by the Institute for Supply Management (ISM), which reported a manufacturing index of 48.5 last month, down 0.2 points. Just before the ISM, S&P Global had announced that its manufacturing index had come out at 51.6 for the past month, compared with 51.3 for May.

T-Bonds at mid-session looked just as bad as our Bunds, with a tension of +8.5 basis points towards 4.476%, which is quite simply their worst level since the close on May 31.

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