Nvidia, Nvidia, Nvidia... since January 1, 2024, everything begins, everything proceeds and everything follows from Nvidia (+5.2% at $1,224).

The stock is caught up in a bullish spiral - largely algorithmic in nature, since all passive management is forced to "chase paper" - the likes of which no tech stock has experienced since 1999/2000.
Nvidia has become "THE" American market.

A rise of +145% since January 1 is compared by some commentators on the Anglo-Saxon financial networks to the rise of Bitcoin during its 'manic' phases... but Nvidia has a capitalization more than twice that of BTC.
In fact, Nvidia adds to Wall Street the equivalent of the capitalization of BTC and Ethereum ($1,800 billion) in 5 months, and of all the 'cryptos' in 1 year.

With $3,012 billion, Nvidia overtakes Apple ($3.005 billion).

One more session like this Wednesday and Nvidia will easily overtake Microsoft (+1.5% and $3.145 billion in 'capi').
Nvidia has 26,000 employees, compared with 154,000 for Apple (6 times more) and 225.000 for Microsoft (9 times more).

Nvidia adds $150 billion in capitalization in 24 hours to the US market, propelling the Nasdaq up +2% to a new record of 17,188 and the S&P500 up +1.2% to 5,353, for a new double-double.353, for a new double 'absolute record/closing record'.

Nvidia accounts for over 50% of the day's gains... reflecting its impact since January 1st: 50% of the rise in the 'S&P' and 60% of Nasdaq-100 (+2.05%) which -naturally- also achieves the double 'absolute record/closing record' at 19.035Pts.
The rest - i.e. 'macro' news - is subaltern, especially as the 'figures of the day' are somewhat mixed.

US rates are easing slightly -US T-Bonds are down -5Pts at 4.2830% around 6pm- despite a flamboyant ISM 'services' report.
But this is tempered by an ADP survey which validates a slowdown in activity.
The US private sector generated just 152,000 jobs last month, a number generally below economists' expectations (180.000), according to the monthly report by business services firm ADP (Automatic Data Processing).

'Job gains were slower in May due to a sharp decline in manufacturing.
Leisure and hospitality also posted weaker hiring', it explains in its report.

However, the scenario of an economic slowdown in the US is partly belied by the resurgence of activity in the service sector (70% of GDP), which returned to growth in May (+4.4 points to 53.8 last month from 49.4), according to the latest survey of purchasing managers by the Institute for Supply Management (ISM).

In April, the US sector suffered its first contraction after 15 months of uninterrupted growth, falling back below the fateful 50-point threshold, indicating a decline in activity.

The sub-index measuring production in services rose to 61.2 from 50.9, as did employment, which stood at 47.1 after 45.9 the previous month.
The new orders index also improved, rising to 54.1 from 52.2 in April.

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