Tuesday's bout of stress has already been forgotten (VIX down -9.3% to 14.3): buyers are already back, and today's list of favorite stocks looks an awful lot like it did in February 2023 or last November/December... then that of the last five weeks of gains on Wall Street.

Before we even look at the main indices, let's note that the 'SOXX' locomotive (semiconductor ETFs) is roaring back with a gain of +2.3%, 2.5 times higher than the average rise in the 'S&P' (+0.95% to 5,000 'round'). The Dow Jones, with few tech stocks, gained just 0.4% to 38,424, but the Nasdaq Composite climbed 1.3% to nearly 15,860.

Nvidia (+2.5% to $470) overtook Alphabet (+0.5% only) as the US market's 3rd-largest capitalization, with $1,830 bn.830 billion, and is closing in on a +50% rise since January 1: this represents +$650 billion in 'capi' in six weeks... equivalent to 10 times its anticipated sales in 2024 (20 times those of 2023).
Nvidia follows in its wake Illumina +5.2%, AMD +4.2%, On Semiconductor +3.9%, Applied Materials +3.3%, Qualcomm +2.6%, Intel +2.4%.

Investors have already forgotten that the day before, a less favorable than expected CPI had served as a pretext for some profit-taking on semiconductors (+20% in a straight line since January 4).... and had been accompanied by a sudden tightening of rates.
After breaking through 4.315% on Tuesday evening, US 10-year T-Bonds eased -5.6 basis points to around 4.26%, with the '2-year' erasing -8 basis points to 4.585%.

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