Wall Street ended with no direction, even though the Dow Jones gained +0.04%: the suspense lasted right up to the last minute for the S&P500, which was still on course to record its 18th upward session in a series of 22, and which "let go a little" in the final seconds to end down -0.09%.

Frustration was not alleviated by the fact that a few minutes after the close, futures erased the pullback posted at the final bell, with the Nasdaq-100 recovering above the 16.000.

But 17 positive sessions out of 22 is still a ratio in excess of 75%, and the month of November has every chance of ending at the zenith, with the indices continuing to be driven by semiconductors, which have served as locomotives throughout the month.

Wednesday's session was no exception, with AMD +1.5%, Intel +1.6%, NXP +2.2%, Autodesk +3.1%, On Semiconductors +3.7%, Illumina +5.2%, Netapp +14.5%. The Nasdaq Composite nevertheless ended -0.16% lower, weighed down by the declines of giants Meta -2%, Alphabet -1.6%, Tesla -1.1% and Microsoft -1%.

One of the highlights of the session was the publication of the second estimate of US GDP for the third quarter, with growth revised to +5.2% (from +4.9% initially), the most spectacular growth since the last quarter of 2020.

On the Treasuries side, yields continued to ease: T-Bonds erased -8 basis points to settle at 4.253%, the lowest since September 14, and the 2-year yield fell more than -10 basis points to 4.635%.

Richmond Fed President Fred Barkin thinks it's premature to talk about rate cuts in 2024, adding that his own expectations are quite far from those of the market, while his colleague Raphaël Bostik, much more of a dove, thinks that inflation will eventually converge towards 2%.

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