Wall Street certainly turned the tide upwards at the start of the session, but the engine seemed to stall after an hour and the indices were content to erase the previous day's small losses: the autumn 'rally' is still 'alive' and after four weeks of gains, a fifth could materialize as rates continue to ease.

In the end, the three main New York indices posted exactly the same scores as at 4:45pm, 6:30pm and 9:00pm, with +0.24% on the Dow Jones at 35417, +0.1% on the S&P 500 at 4555 and +0.29% on the Nasdaq Composite at 14282.

The S&P 500 has posted +18.5% since January 1st and gained almost 11% in a straight line since October 27th, thanks to a historic series of 17 out of 21 up sessions. It posted +8% in November, its best performance for this month in 43 years.

This leap forward was accompanied by a crushing of volatility: the VIX index - often dubbed the "barometer of fear" - eased -0.5% to finish in contact with 12.6 points, confirming the sinking of its lowest levels of the year (September) and registering its lowest score since January 15, 2020.

Treasuries made an excellent start to the week, with yields easing sharply following statements by Fed member Christopher Waller, who on Tuesday hinted at an easing in the cost of money 'if all conditions are right in 2024'... while reminding us that, for the time being, 'inflation is still too high'.

Following these 'encouraging' comments, rates accelerated their easing late on Tuesday afternoon: 10-year Treasuries erased -7 basis points to 4.3240%, the lowest since September 20.

As for US figures, the S&P/Case-Shiller index, which measures changes in house prices in the country's 20 major metropolitan areas, rose by 0.3% month-on-month in September, below economists' expectations.

The Conference Board's closely-watched consumer confidence barometer rebounded by +3 points in November (after three months of decline) to 102, on the back of a small brightening in household expectations.

Shortly after the close, the final quarterly results continued to come in: Netapp jumped +9% to $85, joining the select club of cloud players to set an annual record in November.

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