The New York Stock Exchange is set to open higher on Wednesday morning, as US equity markets begin a rebound after three consecutive sessions of declines for the Dow Jones and S&P 500.

Half an hour before the opening, futures contracts on New York's main indices were up between 0.4% and 0.5%, heralding a modest recovery at the start of the session.

Cheap redemptions, linked in particular to the fall in bond yields, should revive risk appetite and enable the indices to erase some of their losses of recent days, even if the trend remains hesitant.

The US stock markets set new records last week, but the trend has since slowed due to growing concerns about the high valuations of equities.

The 9% rise in both the S&P 500 and the Nasdaq Composite since the start of the year has prompted predictions of a correction for several weeks.

While the market appears vulnerable to profit-taking, it seems that investors are keen to take advantage of any weakness in share prices to strengthen their positions ('buy the dip').

Mabrouk Chetouane, Head of Strategy at Natixis Investment Managers, points out: "Although valuations are trending upwards, they are not excessive, particularly in the technology sector, which should continue to deliver solid earnings.

Some analysts are particularly concerned about the high valuations of tech stocks, which they believe could give rise to fears of an emerging bubble.

''The stock markets look an awful lot like they did during the dot-com bubble. How many times have we heard that?" recalls Christopher Dembik, Investment Strategy Consultant at Pictet AM.

There are two major differences today, according to the professional. On the one hand, tech companies are profitable, even very profitable, which was not always the case in the late 1990s.

The analyst also highlights the hegemonic role of Nvidia, which he believes is at the heart of the industrial revolution, having succeeded in positioning itself across the entire AI value chain.

On the bond market, the yield on 10-year Treasuries retreated to 4.22%, moving away from last week's near four-month high of 4.34%.

The CBOE's VIX volatility index, a barometer of risk aversion, also fell to 13 points, close to its annual lows.

With the exception of weekly oil inventories, due out in the morning, there are no statistics on Wall Street's agenda for the day.

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