Wall Street posted its 7th consecutive gain, ending the day with new intraday/close record doubles, a sign (of excess?) of confidence on the eve of a public holiday (celebrating the abolition of slavery in the United States), with the S&P500 gaining 0.25% to 5487.

The locomotives of the day were Marvell +1.8%, Qualcomm +2.2%, Microchip +2.7%, Micron +3.8%, Sirius +4.5%, Walgreen +6.3% (a defensive player) and of course Nvidia (+3.5% to $135.6, i.e. +175% since January 1), which took its revenge after a session of consolidation.

The most active stock on Tuesday, Nvidia has reached the grail, i.e. the title of world's largest capitalization with $3,335 billion, dethroning Microsoft with $3,317 billion, then Apple with $3,285 billion.

Nvidia has also added $2,120 billion (the equivalent of Alphabet) since January 1, and $2,330 billion since the end of October 2023 (more than Meta, the world's No.1 networking company, and TSCM, the world's No.1 chipmaker, combined). NB: the top 10 US companies "weigh" $18,000 billion, equivalent to the GDP of China... or six times that of France.

The publication of several US economic indicators did not really impact US indices: no reaction was really detectable when the 0.1% rise in retail sales in May was released, nor when a 0.9% increase in industrial production was announced.

On the bond market, the US 10-year yield eased by six basis points to 4.219% against a backdrop of slightly weaker-than-expected US figures. The dollar ended stable against a basket of international currencies.

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