Wall Street consolidates after an impressive series of consecutive record highs last week.
The Dow Jones slumped -0.55%, the S&P500 and Nasdaq lost -0.6% (all 3 indexes led by Nvidia with -3.6%) and the S&P500 -0.6%.
The Russell-2000 Mid-Caps fell -0.75% back below 2,400 (towards 2,390) and began to draw an "exhausted figure".390) and is beginning to show a "pattern of exhaustion".

It was the first to plateau and has been losing ground ever since December 2, while the large-cap indexes have managed to break 4 records in the intervening years, on December 2, 3, 4 and 6, not to mention Friday 11/29 and Tuesday 11/26 (eve of Thanksgiving).

With the Nasdaq-100 (-0.8%) tighter around the "Fantastic 7", the decline of Nvidia (-2.5%) weighed more heavily, as did the fall of the semiconductor sector in the wake of Comcast (-9.5%), Charter Comm -9.2%, Marvell Tech -5.7%, AMD -5.6%,

The stress barometer - the 'VIX'- rebounded by +11% to 14.2, having fallen back into the 'high complacency' zone to 12.7 before the weekend.

While the employment figures published on Friday did not provide any decisive indications (more hiring than expected, but a rising unemployment rate) to guide the Fed's monetary policy, investors are preparing for Wednesday's publication of the US consumer price index, which will be particularly closely watched a week ahead of the Fed's last meeting of the year.
According to consensus, US inflation should have accelerated to +0.3% month-on-month in November, after coming in at 0.2% in October.

Wall Street can no longer count on 'small talk' from FED members: they are required to observe 'silence' during the 10 days preceding the FOMC meeting on December 17 and 18 (-25Pts drop anticipated at 75%).

T-Bonds down +4.4Pts to 4.193%, the '2-year up +3.1Pts to 4.1300%.

Copyright (c) 2024 CercleFinance.com. All rights reserved.