Wall Street consolidates after an impressive series of consecutive record highs last week. The Dow Jones is down -0.55%, the S&P500 and Nasdaq are down -0.6%, with all three indexes weighed down by Nvidia (-2.5%).

The Russell-2000 Mid-Caps is down -0.7%, falling back below 2,400 (to 2,393) and beginning to show a "pattern of exhaustion". It was the first to plateau and has been losing ground ever since December 2, while the large-cap indices have managed to break 4 records in the intervening period.

With the Nasdaq-100 (-0.8%) tighter around the "Fantastic 7", Nvidia's decline weighed more heavily, as did the fall of the semiconductor sector in the wake of Comcast (-9.5%), Charter Comm (-9.2%), Marvell Tech (-5.7%) and AMD (-5.6%).

The stress barometer - the VIX - rebounded sharply by +11% to 14.2, having fallen back into the "strong complacency" zone to 12.7 before the weekend.

While the employment figures published on Friday did not provide any decisive indications (more hiring than expected, but a rising unemployment rate) to guide the Fed's monetary policy, investors are preparing for the publication this Wednesday of the US consumer price index, which will be particularly closely watched a week ahead of the Fed's last meeting of the year.

According to consensus, US inflation should have accelerated to +0.3% month-on-month in November, after coming in at +0.2% in October.

Wall Street can no longer rely on Fed members to say 'little things': they are required to observe 'silence' during the 10 days leading up to the FOMC meeting on December 17 and 18 (for which a cut of -25 basis points is anticipated at 75%).

On the bond market, T-Bonds deteriorated by +5 bps to 4.2013%, and the '2-year' by +3.2 bps to 4.1300%.

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