No third session of 'double records' for the US indices as a whole... but a small consolation with the Nasdaq (Composite and Nasdaq-100) breaking their respective all-time closing records (but no new intraday record).

The week ended with a slight downturn that barely eroded the weekly gains: the Dow Jones gave up 0.77% to 39,476, but gained +2% over the week.476, but gained +2% over the week, while the S&P500 shed 0.14% to 5,234, but finished on a high of +2.3% after two weeks of horizontal consolidation.

The Nasdaq Composite improved its previous record by 0.16% (to 16,429) and has soared +2.85% since the Friday of the '4 Witches', which already appeared to be a decisive bullish step. The Nasdaq-100 (+0.1% to 18,339) and two stocks made up the difference: Nvidia +3.1% and Alphabet +2.2%. The rise was held back by Adobe -2.3%, Paypal -2.1% and On Semiconductor -1.5%.

The S&P500 was weighed down by Lululemon -15.8%, but also and above all by the real estate sector with Boston Property -4.3%, Kimco -3.2%, Simon Property -2.5%, Fidelity and Comerica -2.4%, Zions -2.3%, Goldman Sachs -1.6% and Wells Fargo -1.3%.

The temptation to take profits on US indices is great in the face of current high valuations, which could prompt traders to take some gains on current levels while awaiting new catalysts.

The latest of these came at the Fed's press conference on Wednesday... and a difference in interpretation of Jerome Powell's remarks seems evident by superimposing the trajectory of the T-Bonds, then that of the S&P500 and the Nasdaq (the '30 yr' was still above its March 15 levels on Thursday evening, before easing by -4.5 basis points to 4.400%).

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