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 small losses of the previous day (-0.2%): the autumn "rally" is still "alive" and after 4 consecutive weeks of gains, a 5th could materialize as rates continue to ease.

In the end, the 3 main New York indices posted exactly the same scores as at 4.45pm, 6.30pm and 9pm, with +0.25% for the Dow Jones, +0.1% for the S&P 500 and +0.29% for the Nasdaq Composite.
The Nasdaq-100 (+46% annual gain) also grabbed +0.28% and ended above the 16,000 mark... driven by Tesla.000... driven by Tesla +4.5%, Paypal +3.7%, illumina +2%.

The Russell-2000 once again fell alone (-0.46%) and ended at 1,792, a handful of points away from its score of 12/31/2022: a year for nothing.
Conversely, the S&P500 is up +18.5% since January 1, and has gained nearly 11% in a straight line since October 27, thanks to a historic run of 17 out of 21 sessions.

The S&P is up +8% in November, its best performance for a calendar month in 43 years.

And this leap forward was accompanied by a crushing of volatility: the VIX index - often nicknamed the "fear barometer" - 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 got off to an excellent start this week, with yields easing sharply following statements by Christopher Waller, a member of the FED, who on Tuesday spoke of an easing in the cost of money 'if all conditions are met in 2024'... while reminding us that, for the time being, 'inflation is still too high'.

Following these 'encouraging' comments, rates accelerated their easing late this afternoon: 10-year Treasuries erased -7pts to 4.3240%, at their lowest since September 20.

As for US figures, prices of single-family homes continued to rise in September in the United States, albeit at a slower pace than expected, according to the S&P/Case-Shiller index published on Tuesday.

This index, which measures price variations in the country's 20 main urban areas, rose by 0.3% month-on-month, which is less than the 0.7% rate expected by economists.

The Conference Board's closely watched "confidence" barometer rebounded by +3pts in November (after 3 months of decline) on the back of a small brightening in household expectations.

According to the monthly survey of the Conference Board employers' organization, the confidence index reached 102 this month, compared with 99.1 (revised from 102.6) in October.

The expectations sub-index improved to 77.8 from 72.7 last month, while the current situation sub-index eased to 138.2 from 138.6

The expectations sub-index fell below the 80-point threshold for the 3rd consecutive month, a level that usually heralds the onset of a recession within a year, warns ConfBoard.

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

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