Wall Street offered an unprecedented scenario this year: a sudden trend reversal after three hours of trading and the setting of a new flurry of absolute records, shortly after a very promising opening, in the wake of the Nvidia rocket.

The Dow Jones ended -1.5% (at 39,065), its worst session since mid-March 2023 (30 out of 30 stocks in the red at the close) in the wake of Boeing -7.6%, Intel -4.3%, McDonald's -3%, Johnson & Johnson -2.5%.

The S&P500 dropped -0.75% (to 5.268), with 80% of components down, weighed down by cruise lines, airlines and pharmaceuticals, while the Nasdaq Composite was down -0.4% (at 16,736) after an initial gain of +1% in the wake of Nvidia.

The latter ended on a high of 9.3%, at the zenith of the stock market firmament, and consolidated its status as the world's third-largest capitalization: at $2,595bn, it surpassed the previous year's record of $1,050bn.595 billion, it exceeds that of all the industrial and service giants that make up the DAX40.

"It's been a long time since the global economy has been so dependent on a single company", as Christopher Dembik of Pictet AM wonders. For the markets, Nvidia should remain a must-have this year, and probably for years to come".

Nvidia's performance overshadowed the worries arising from the minutes of the Federal Reserve's last meeting, which contained some nasty surprises: dissension over strategy, and the feeling that the inflation problem is far from being solved.

As for US figures, growth in the US private sector accelerated sharply in May, according to the S&P Global composite PMI, which came in at 54.4 in flash estimates, a 25-month high, compared with 51.3 in final data for the previous month.

In other data for the session, new US jobless claims fell by 8,000 to 215,000 last week, and new home sales fell by 4.7% in April compared with the previous month, to 634,000.

On the bond front, given the strength of some of the day's figures, the yield on 10-year Treasuries tightened by +5 basis points to 4.485%, its worst level of the week, and the 2-year was +6 basis points higher at 4.938%.

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