Wall Street consolidated, but preserved its upward trend, if not its chances of ending the month at the zenith, should Friday's inflation figures prove to be a "divine surprise": the S&P500 gave up 0.75% at 5,267, ending exactly - to the point - on the support/floor tested last Thursday.

Dow Jones, once again plagued by heaviness, dropped 1.05% to 38,440, its 5th session of decline out of 7 (interspersed with 2 sessions of stabilization).
Nasdaq fell by just -0.6% to 16.920, supported - almost as a daily litany - by Nvidia (+0.8%), which set a new 'closing record/absolute record' double at $1,148 and $1,155, reaching a capitalization of $2.870 billion, closer than ever to that of Apple (+0.15% for a 'capi' of $2,918 billion), which is now just 1.5% behind.

Wall Street was penalized by a new surge in US Treasury yields: the '10-yr' jumped +8pts to 4.6200%, while the '2-yr' ended in contact with 5.00% (tested during the session), at 4.9800%.

Traders are troubled by the latest statements from Neel Kashkari - head of the Minneapolis Fed - who is very vigilant about inflation, confirming that there is no consensus within the Fed to initiate a rate cut.
The consensus for a 1st cut of -25Pts in September has fallen to close to 40%, compared with 46% the previous day and 61% a week ago.

US markets see their serenity evaporate with 48 hours to go before the release of US PCE inflation data: the VIX lurches +10.5% to 14.30 from 11.52 last Thursday.
A barrel of 'WTI' oil made the big intraday splits, opening at the zenith at $85 then closing at the day's low: -1.3% to $83.5.
Rising interest rates only marginally penalize Gold, with the Ounce down -0.6% to $2,337 (clearly insignificant).

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