What better way to celebrate Independence Day and prepare for a day of barbecues than to end the session with a shower of absolute records - and intraday/close doubles - on the S&P500 and Nasdaq?

The S&P500 gained +0.51% to 5,537 (zenith at 5.539), the Nasdaq Composite, +0.88% to 18,188 (closing high) and the Nasdaq-100, +0.87% to 20,186 (also closing high).

Tesla was again the driving force with +6.9%, Broadcom continued to set new highs (+4.3% to $1,727), Nvidia returned to the top (+4% to $127.6) for $3,140 billion in 'capi'. But the star of the day was Sirius with +12%, far ahead of Lucid with +7.3%.

These cascading records reflect an unquenchable appetite for risk since the end of October 2023, and the bullish mechanism was revived four weeks ago by the feared political chaos in France (now clearly put into perspective).

But the US market remains deeply fractured between 'growth' and 'value', with the Dow Jones ending in the red (-0.06% at 39,308) and seemingly at a standstill since March 21 below 40,000 (a level re-tested in mid-May).

The rise in equities seems disconnected from T-Bonds: the '10-yr' remains frozen at 4.345%... but the '2-yr' is easing by -4.8 basis points to 4.694%. This easing on short maturities is explained by US figures that are not considered too "vigorous".

The US private sector generated just 150,000 jobs last month, slightly below economists' expectations and down for the third month in a row, according to ADP (Automatic Data Processing).

US industrial orders contracted by 0.5% in May, after rising by 0.4% in April (revised from an initial estimate of +0.7%), and shipments fell by 0.7%, while inventories rose by 0.2%.

There were some signs of resilience, however, with S&P Global's composite PMI index coming in at 54.8 in final data, compared with 54.6 in flash estimates and 54.5 for the previous month (production growth accelerated).

The consensus on a key rate cut in mid-September remains just over 70%, with a second cut in December garnering 84% of votes.

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