Wall Street ended with no direction, even though the Dow Jones climbed +0.04%: the suspense lasted right up to the last minute for the S&P500, which was still on course to record its 18th session of gains out of a series of 22, but which "let go a little" in the final seconds to end down -0.09% after having gained up to +0.7% at the start of the session.
Frustration was not alleviated by the fact that a few minutes after the close, futures erased the decline posted at the final bell, with the Nasdaq-100 recovering above 16,000pts.

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 (and the famous 'SOX' index), which served as the locomotives throughout November.
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 ended down -0.16% after flirting with +1% at the start of the session (14.425), weighed down by the decline of giants Meta -2%, Alphabet -1.6% Tesla -1.1%, Microsoft -1%

Shortly after the close, 2 true cloud specialists published their quarterly results: Snowflake jumped +10% but Pure Storage fell -14%.

One of the highlights of the session was the publication of the 2nd estimate of US gross domestic product (GDP) for the third quarter, which was revised to +5.2%.

US growth is much stronger than the 4.9% initially announced, thanks to the strength of consumption and investment (the latter revised upwards): this is the most spectacular growth recorded since the 4th quarter of 2020.

On the downside, the trade deficit widened by $3 bn to $89.84 bn in October, whereas economists were forecasting a very slight increase to $86.70 bn... a figure that was largely ignored.

On the treasury side, yields continued to ease: T-Bonds erased -8pts to 4.253%, the lowest since September 14,
the yield on the 2-year fell by more than -10pts to 4.635%.

Richmond Fed President Fred Barkin believes it is premature to talk of rate cuts in 2024, adding that his own expectations are far removed from those of the market.
His colleague Raphaël Bostik, a much more dove-like figure, believes that inflation will eventually converge towards 2%.
The easing of rates may have been helped by the sharp downward revision of OECD forecasts, which reduced its target for US GDP growth from 2.4% to 1.5%.

Oil prices rose sharply on the eve of the verdict of the Opec summit in Vienna (delayed by 5 days): WTI rose by 1.8% to $77.7 a barrel.

Note that the ounce of gold, boosted by lower rates, climbed to $2,050, less than 0.5% off its all-time high of May 4.

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