After Thursday evening's -2% air pocket on the Nasdaq, it was time for a technical rebound on Wall Street on the eve of the weekend.

After a sudden wave of "fait accompli" selling, investors changed their minds and favored the scenario of a Federal Reserve rate cut in September (94%).

They thus chose to ignore the mixed results of the three major US banks, which published their quarterly results on Friday (Wells Fargo fell -6%).

At the close, the US indices posted fairly uniform rebounds (around +0.6%) after the previous day's wide divergence (+0.08% for the Dow, -2.25% for the Nasdaq-100).

The Dow Jones gained 0.62% to break the 40,000 barrier for the first time since the end of March, the S&P500 gained 0.55% to 5,615 and the Nasdaq composite 0.63% to 18,398. Over the week, the three indices rose by 1.6%, 0.9% and 0.2% respectively.

Note the outperformance of the Russell-2000 (+1.1%) for a third consecutive session at 2,148, its highest level since January 2022.

Wall Street's rise was not a foregone conclusion, as US producer prices rose more than expected in June: up 0.2% overall and 0.4% excluding food and energy, which was to be expected given the rise in oil prices over the past month, not to mention freight costs with the Suez Canal still neutralized.

But it would really take a series of very "robust" growth figures (bordering on overheating) to call into question the scenario of two 25bp rate cuts between now and the end of 2024 (a far cry from the six or seven cuts forecast at the start of the year).

The yield on T-Bonds ended virtually unchanged at 4.20%, after suffering a small surge to 4.24% just after the publication of the PPI index.

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