Wall Street consolidated horizontally and a slightly bullish bias prevailed in the end: the S&P500 (+0.23%) ended at 4,954 after initially testing 4,957, closing within 1% of the 5,000 mark.000.

The 'S&P' benefited from the rise of the airlines (American Airlines +4.5%, United +3.1%, Delta +2.5%), followed by cheap buybacks on Moderna +4.7%, Walgreen +4.3%, PayPal +3.5%, Tesla +2.2%...

The Dow Jones (+0.37% to 38,521) posted its second-best close ever, just 0.3% away from a new record... and the index climbed for the 7th time in nine sessions.

The Nasdaq Composite finished in the green in extremis (+0.07% to 15.609), but the Nasdaq-100 is struggling to find its second wind and is consolidating in the wake of the tech sector, particularly semiconductors: AMD and Adobe are down -3.7%, Micron -2.7%, Microchip -2.6%, KLA -2.2%, Broadcom -1.7%, ON-Semiconductors -1.6%, Nvidia -1.6%.

On the bond front, the U.S. '10-yr' erased -5.7 basis points to 4.108% from 4.165% the previous day, which remains close to the highs since the start of the year, and the peaks of January 24 and December 13.

Following Jerome Powell's recent statements on CBS, investors are reassessing their expectations for rates to remain at current levels for a slightly longer period than previously thought.

One of the Fed boss's most striking 'talking points', but little picked up by the financial media, concerns 'an unsustainable debt trajectory for the United States'... to ponder, especially with long rates at over 4.1% and $34,000 bn outstanding to refinance.

Rate pressures are, however, counterbalanced by the publication of numerous statistics confirming the robustness of the US economy (after the 'NFP' on Friday, the ISM and PMI figures published on Monday were stronger than expected), as well as quarterly results from companies such as Meta and Amazon.

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