The New York Stock Exchange went into summer time, and the first session of the week was rather lacklustre, following a marked consolidation in the semiconductor sector on Friday.

The Dow Jones nibbled 0.1%, the S&P-500 fell by the same amount... but the Nasdaq index dropped 0.4%, in the wake of Nvidia (-2%) which had dropped -5.5% on Friday.
The 3rd-largest capitalization dragged AMD down with -4.3%, Marvell and KLA -4%, Applied Materials (-2%).
However, Intel and Microchip recovered +2%, Zoom +3.7%, Charter Comm +5.1%.
The S&P500 stayed afloat thanks to asset reallocations towards 80% of the stocks completely abandoned in favor of the "Fantastic 7" over the past 4 months.
We're still a long way from a "sector rotation", as traders are cautious ahead of the release of the CPI, the consumer price index which will give further indications of the trajectory of inflation.... which came in at 3.1% year-on-year, instead of the expected 2.9%.

The US bond market deteriorated slightly, with the '10-year' at 4.105% and the '2-year' at 4.53%, compared with 4.48% at the close on Friday.

Overall, it was a banal day... but not for crypto investors, as it was a historic session: Bitcoin (+6%) broke a new intraday record high of $72,690 (+4.2% to 72,200 this evening), and - symbolically and for the 1st time - surpassed the value of gold bullion ($71,150)

Copyright (c) 2024 CercleFinance.com. All rights reserved.