The New York Stock Exchange should open on a positive note on Wednesday morning, maintaining the bullish momentum of recent weeks that has seen the S&P 500 and Nasdaq set record after record.

Half an hour before the opening, futures contracts on the major New York indices were up by between 0.1% and 0.4%, suggesting a green start to the session.

The "rally" - led above all by the "Magnificent Seven" and Nvidia in particular - still seems to be going strong, even if their valuations are beginning to raise a few questions.

Alphabet (Google), Amazon, Apple, Meta, Microsoft, Nvidia and Tesla alone now account for over 35% of the US stock market.

Even more strikingly, Nvidia's surge this year (+165%) has contributed a third of the S&P's performance (+17%) since January 1.

But investors still seem to have high expectations of these high-tech giants and the quarterly results they will be releasing in the coming weeks.

With earnings season set to kick off later this week, the S&P 500 is currently trading at 21.2 times estimated 12-month earnings, above its long-term average of 17.9, according to FactSet.

Investors will also be paying close attention to the House of Representatives Finance Committee, on the second day of the Federal Reserve Chairman's semi-annual hearing before Congress.

Investors had initially struggled to decipher Jerome Powell's half-hearted comments before the Senate yesterday, before retaining his remarks about the dangers of a potentially too-late rate cut in terms of economic activity and employment, which traders interpreted as a sign of monetary easing in September.

According to CME Group's FedWatch barometer, traders estimate the probability of a rate cut next autumn at nearly 74%.

The only statistic of the day, wholesale inventories, due to be released later this morning, should not have too much impact on the trend.

Wall Street's rise is reflected in a fall in Treasuries yields, with the 10-year rate back to 4.28%, but the bond market is mainly awaiting tomorrow's publication of the latest US inflation figures.

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