Wall Street came very close to achieving the perfect week, with the S&P500 and Nasdaq climbing 5/5, but the last few seconds were a little disappointing and the S&P ended in extremis in the red... by -0.04% at less than 5,432.

On the other hand, the Nasdaq Composite (+0.12% at 17,689 and +3% weekly) and the Nasdaq-100 (+0.42%) had a perfect week.689 and +3.1% weekly) and the Nasdaq-100 (+0.42%), which posted five consecutive sessions of gains and five closing records, followed by a final absolute record (19,659)/closing record double (same score and weekly gain of +3.4%, then annual gain of +16.8%).

The Nasdaq-100 benefited from inexorable rises by Nvidia (+2% to $132 and $3,245 billion in 'capi' to equalize with Apple), Broadcom (+3.3% and +24% over the week, which is stratospheric, with 'capi' passing the $800 billion mark) and Adobe (+14.5%).

At +3.4%, the Nasdaq-100 posted a historic differential of over 9.5% with the CAC40 and 7% with the E-Stoxx50: a score unprecedented for a single week in the 21st century.

The rise in US indices was accompanied by a rise in T-Bonds (their yield eased by -2 basis points to 4.22%, i.e. -22 basis points over the week): the latest statistics showed that inflation was under better control in the USA, reinforcing the scenario of a "soft landing" for the US economy this summer.

Import prices fell by 0.4% in May compared with the previous month (and remained perfectly stable excluding petroleum products). At the same time, export prices fell by 2.1% (both total and excluding foodstuffs).

Over 12 months, i.e. between May 2023 and May 2024, US import prices rose by 1.1% (+0.5% excluding petroleum products) and export prices rose by 0.6% (+1.5% excluding foodstuffs).

There was a small shadow over household morale, but this did not upset the "technos" (after all, the buyers are the "GAFAMs", not individuals), as US consumer confidence fell sharply by -5.1% to 65.6, according to the initial estimate from the University of Michigan.

Signs of weakness are multiplying, the labor market seems to remain robust... but hundreds of thousands of full-time jobs have been lost since the beginning of the year.

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