This 'post-announcement' session (Joe Biden's withdrawal from the presidential race) coincided with the start of a new stock market term.
Wall Street is off to a good start in August: the US broad indices are up 1.2% to +1.5%, wiping out some of the previous week's losses.
The S&P500 (+1.1% to 5,564) and the Russell-2000 (+1.6% to 2,220) are close to their all-time highs again: at exactly 100Pts for the S&P (i.e. less than 2%).220) are again close to their all-time highs: at exactly 100Pts for the 'S&P' (i.e. less than 2%).
The Nasdaq gained almost 1.6% to 18.007Pts in the wake of ON Semiconductors and Lam Research, +6.6%, Applied Materials +6.3%, NXP Semi +5.4%, Nvidia +4.8%, Western Digital +4.7%... and the SOXX jumped +4.4%, 3 sessions after a plunge of -7.1%.

The session was marked by the -13.5% plunge of Crowdstrike (which provides 'security' for Microsoft applications) following a 'failed' update of the Redmont giant's router, which caused connectivity problems on Teams, Outlook, Azur, One Drive... and even 'crashed' the Swift system (international credit card payments).

This highlights the systemic problems caused by the failure of a 'global operator' administering state services, international air or rail traffic, medical data.

US T-Bonds reacted little to the weekend's political episode: the '10-yr' fell back 1.6Pts to 4.2540%, the '2-yr' +1.4Pts to 4.521%... and the '30-yr' +2.3Pts to 4.473%.

Within 5Pts, the US T-Bond yield curve (taking the extremes) is on the verge of turning positive for the first time since 2022.

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