The uptrend is not 'dead', and Wall Street has plenty of resources: buyers were quick to 'pay' for the first 'hiccup' of 2024, and even the first decline of more than -1.5% in a few hours since the end of October.

US indices proved resilient, with initial gains (+0.3%) quickly tripling and then quadrupling by mid-session, with the S&P500 (+1.4% to 5,222) coming within 0.7% of its all-time highs. In the end, the index gained +1.1% to 5,204, the Dow Jones +0.8% to 38,904 and the Nasdaq Composite +1.25% to 16,248.

The 'buy all dips' motto still seemed to hold true in New York, and the 'titans' and champions of semiconductors were once again picked up with Meta +3.2%, Western Digital +3.4%, Netflix +3.1%, Amazon and AMD +2.8%, Nvidia and Marvel Techno +2.5%, Microsoft +1.8%.

Tesla, still under pressure, fell -3.6% on rumours that it had abandoned development of a low-cost $25,000 car (a niche occupied by its main Chinese competitor BYD).... but shortly after the close, the stock recovered +2.5% with the mention of a new project: the 'robotaxi'.

The eagerly-awaited monthly NFP report showed that 303,000 non-farm jobs were created in the US last month, well above consensus, and that the unemployment rate fell to 3.8% from 3.9% in February.

Growth in average hourly earnings - a closely watched component - slowed slightly to an annualized 4.1%, from 4.3% the previous month, a point that probably resuscitated Wall Street's optimism.

It took investors just 24 hours to digest statements by Minneapolis Fed President Neel Kashkari, who warned that "if inflation continues to follow a pattern of declining rates and occasional spikes, the question will arise as to whether we shouldn't abandon any rate cuts this year".

While some strategists see this as no more than a slight blip in an ongoing uptrend, others see it as a prelude to an inevitable correction. Raymond James' Larry Adam warned: "The stock markets' solid start to the year increases the risk of renewed volatility in the short term".

Bond markets remain "heavy", with T-Bonds back testing the crucial 4.405% resistance level, the 2-year rising to 4.751% and the 30-year to 4.552%. With the breach of 4.39%, the scenario of a return to 4.50% is becoming increasingly plausible.

Geopolitical tensions in the Middle East and the drop in Russian refining capacity continue to keep pressure on oil: a barrel of Brent crude (+1.2%) set a new annual record at $91.6. The 'geopolitical fact' also continued to push gold up (+1%) above $2,330 (new zenith, i.e. +4% weekly).

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