Wall Street remained trapped in an algorithmic straitjacket: the US indices were unable to amplify their gains, with spreads remaining frozen between -0.1% and +0.2% for over 6 hours.

In the end, the S&P500 gained +0.13%, the Dow Jones 0.08%, while the Nasdaq fell -0.1%, weighed down by Datadog -11.5%, Tesla -3.8%, Microchip -1.8%, Nvidia -1.7%, Microsoft and AMD -1%.
Note the +0.2% rise in the Russell-2000, which continues to outperform the 'big caps'.

To try and see the glass as half full, the VIX continues to ease (-2% to 13.20), while interest rates continue to fall.

US T-Bonds erased -2.5pts of yield to 4.46%, and the '2-year' tightened +1pt to 2.83%, meaning that the inversion of the curve is worsening (a technical precursor of economic slowdown).

The agenda was devoid of 'macro' figures, which certainly helped to freeze scores, and the wave of quarterly earnings is drying up, with the latest results no longer providing any real impetus.

The session was marked above all by the fall of Disney, which dropped nearly 10% with the publication of a net profit divided by 7, from $1.5 billion to $216 million, following an asset write-down following the merger of its Indian television subsidiary with its competitor Viacom18.

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