Wall Street ended in the red, bringing to a close a long bull run that has already largely served as a 'Christmas rally', with 13 sessions of progress out of a series of 16 for the S&P.

This session began with a highly symbolic 'scoop': it was Donald Trump who came to ring the bell that marks the opening of Wall Street at 3:30 p.m... the day after a fine Nasdaq record close of over 20,000Pts (for the 1st time in history) and a second-best ever close for the S&P500 (which fell just 0.1% short of the Nasdaq record).000Pts at the close (for the 1st time in history) and a second-best ever close for the S&P500 (which was just 0.1% short of the Nasdaq).

A further 0.1% gain at the opening would have been enough to keep Donald Trump happy, but heaviness prevailed and, in the end, the Dow Jones fell by -0.532%, the S&P500 by -0.54% (with 2 thirds of stocks down) and the Nasdaq by -0.65% (to 19.900).
Note the further underperformance of the Russell-2000, which lost nearly -1.4% (to 2,361).
The Nasdaq was weighed down by the -14% fall in Adobe, -3.6% in Micron and -2.7% in Marvell techno.

In the early afternoon, investors showed little reaction to the US producer prices and jobless claims figures.

The Labor Department reports that PPI rose by 0.4% in November compared with the previous month, and by 0.1% on a core basis (excluding food, energy and business services).

Expressed as an annual variation, the rise in US producer prices accelerated last month compared with October by 0.4 points to 3% in unadjusted data, but held steady at 3.5% excluding food, energy and commercial services.

The Labor Department also reported 242,000 new jobless claims in the US in the week to December 2, up 17,000 on the previous week.

The four-week moving average - more representative of the underlying trend - came in at 224,250, up 5,750 on the previous week.

Finally, the number of people receiving regular benefits rose by 15,000 to 1,886,000 in the week to November 25, the most recent period available for this statistic.

T-Bonds had a rather disappointing day, with losses widening at the end of the day: the US '10-yr' posted +73pts to 4.341%, the '2-yr' added +4pts to 4.197%.

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