'Risk-off sentiment returned after Middle East tensions, particularly between the U.S. and Iran, showed signs of resurgence,' explains Linh Tran, market analyst at XS.com, noting the decline in major U.S. equity indices.

According to Tran, 'correction pressure became more evident as the S&P 500 had already advanced for several consecutive sessions and was trading near record highs, making the market more vulnerable to profit-taking as soon as negative headlines appear.'

Linh Tran adds that while U.S. data during the session (PMI and ISM indices, ADP private employment report) showed some resilience in the U.S. economy, it also contained concerning signals regarding inflationary pressures.

'Consequently, current data is not entirely favorable for equities, as it also carries the risk that the Federal Reserve will maintain higher interest rates for longer,' warns the XS.com market analyst.

Furthermore, he highlights that the S&P 500 has been largely supported by tech and AI-related stocks in recent months, and thus believes that disappointing news in this sector could trigger a correction for the index as a whole.

A preference for the U.S. over Europe, according to Invest Securities

'Even as panic gripped investors in early March with the start of the Middle East conflict, the rebound in equity markets since the announcement of a ceasefire has been impressive, ignoring a still uncertain geopolitical context,' Invest Securities noted yesterday morning.

According to the research firm, this stock market rally, particularly in the United States, 'is explained by a relaxation of the risk premium and also, and above all, by an impressive cycle of upward EPS revisions, driven by the oil and semiconductor sectors.'

While it considers the impressive forecasts for the S&P 500 (+23.8% earnings growth expected by 2026) to be sustainable, it believes that expectations for the Euro Stoxx, which are lower in absolute terms (+18.7% in 2026), are also riskier, 'justifying a continued strong market preference for the U.S. over Europe.'

Corporate news in Paris...

In Paris corporate news, Thales announced its intention to accelerate the delivery of a fleet of Bushmaster protected mobility vehicles to the Netherlands, thereby strengthening their army's capabilities against the growing threat of modern warfare and drones.

Spirits group Rémy Cointreau unveiled declining annual accounts, as expected, notably with net profit down 21% on an organic basis, and announced its 2026-2027 objectives, hoping for a return to sustainable organic revenue growth.

Elis announced an upcoming change to its management board effective September 5, with the appointment of Yann Michel, currently Deputy CEO in charge of operations, as a member of the management board, replacing Matthieu Lecharny.

On the occasion of the publication of its 2025-2026 results, the consulting group Wavestone indicated that it was no longer able to confirm its objective of a recurring operating margin of 15% by the 2027-2028 fiscal year.