The New York Stock Exchange switched to summer time, and the first session of the week was rather lackluster, following a marked consolidation in the semiconductor sector on Friday.

The Dow Jones nibbled away 0.1%, the S&P500 fell by the same amount... but the Nasdaq Composite dropped 0.4%, in the wake of Nvidia (-2%), which had given up -5.5% on Friday. The third-largest capitalization dragged down AMD -4.3%, Marvell and KLA -4%, Applied Materials -2%. However, Intel and Microchip recovered +2%, Zoom +3.7%, Charter Comm +5.1%.

The S&P500 stayed afloat thanks to asset reallocations towards 80% of the stocks that had been completely abandoned in favor of the "Fantastic 7" over the past four months.

Nevertheless, we are still a long way from a "sector rotation", as operators were cautious ahead of the publication of February's CPI, the consumer price index which will give further indications of the trajectory of inflation... which stood at 3.1% year-on-year in January, instead of the expected 2.9%.

The US bond market deteriorated slightly, with the 10-year at 4.105% and the 2-year at 4.53%, compared with 4.48% at the close on Friday.

Overall, it was an ordinary day... but not for crypto investors, as it was a historic session: Bitcoin (+6%) smashed a new intraday record high of $72,690 (+4.2% to 72,200 this evening), and - symbolically and for the first time - surpassed the value of gold bullion ($71,150).

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