Wall Street limited its decline well: initial losses were halved and buyers quickly rallied, which is quite classic for the first session of the new stock market term (March, quarterly deadline), after a three-day bridge in the United States.

The Dow Jones shed 0.2% to 38,564, the S&P500 retreated 0.6% to 4,975 (versus -1% at mid-session), the Nasdaq Composite lost 0.9% to 15,631 (versus -1.4% at the low) and the Nasdaq-100 dropped 0.8% to 17,546 (versus 17,399 at the low, i.e. -1.65%... but the index did not close the 'gap' opened below 17,663).

The semiconductor sector, which led the Nasdaq, also finished bottom of the S&P500, but limited the damage thanks to Intel +2.3% and Microchip +1%, which compensated somewhat for the sell-off in AMD -4.7% and Nvidia -4.4%.

On Wednesday evening, all eyes will be on Nvidia, which briefly occupied 3rd place on the podium of the largest US capitalizations, and which has just dethroned Tesla in terms of daily trading volume ($33 billion per day versus $32 billion): for these two stocks, this represents 20 to 25 times the volume traded on CAC40 stocks.

Apple trades "only" $20 billion daily, and Microsoft barely $10 billion. But $50 billion was traded in Nvidia on Tuesday, almost the equivalent of what was traded on the CAC40 from January 19 to February 16 (during the whole of the February trading term)!

As for US figures, the index of leading indicators fell by 0.4% in February, albeit less sharply than expected. As a result, the Conference Board says it no longer expects a US recession this year, but anticipates growth to slow to near-zero levels in the second and third quarters.

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