Wall Street : “Risk On” is back

It is therefore in this almost festive atmosphere, despite the geopolitical tensions and the inflationary uncertainties, that the NASDAQ and the S&P 500 scored new records on Tuesday morning. The catalyst of the day: NVIDIA, which jumped 5% in a forefoot after announcing the resumption of sales of its h20 flea in China. In its wake, AMD progressed by 4.9%.

Another impressive figure: Blackrock crossed the $ 12,530 billion in outstanding in the second quarter, the equivalent of half of the American GDP. A strong signal: size and stability remain refuge values in an uncertain world. However, the action lost 2.4%, proof that the expectations of Wall Street are sometimes as high as the assets it manages.

This confidence displayed contrasts with an always unstable context. Donald Trump, again combative on the commercial front, threatened Russia with customs sanctions if the war does not end within 50 days. On Monday, he attacked the European Union and Mexico, promising customs duties of 30% from August 1. But the markets remain impassive, preferring to focus on the more conciliatory tone of the American president, who spoke of a possible negotiation.

Brussels, for his part, has updated his list of customs reprisals, aimed at 72 billion euros in American products, from Boeing to Jack Daniel’s. Europe pleads for a British type agreement at 10%, while Trump camps on its 30%. Two weeks before the deadline, financial circles are still betting on a relative decline in the White House, already speaking of a “Day 2 Liberation”.

Inflation remains the joker of this market. The CPI report published this morning (early afternoon in Europe) remains mixed: the overall index increased by 0.3% over a month, while the CORE CPI only increased by 0.2%, slightly below the forecasts. Over one year, overall inflation stands at 2.7% (compared to 2.4% in May), and underlying inflation remains stable at 2.9%. The disinflationist movement continues, but irregularly. The monthly withdrawal of the CORE CPI is a good signal for the Fed, which observes a reflux in real estate and services. But the persistent increases in energy and food maintain caution. The markets have grown slightly after the publication, investors now betting at 60% on a first rate drop in September.

On the results side, the table is more nuanced. JPMorgan Chase maintained the CAP after having noted its net income forecasts for 2025, while Wells Fargo disappointed despite an increase in his quarterly profit, especially because of less important provisions. Trade Desk, on the other hand, jumped 14.6% after being selected to integrate the S&P 500, proof that inclusion in an index remains a powerful engine in a market dominated by algorithms.

In China, GDP in the second quarter increased by 5.2% over a year, a little above expectations, but withdraw from the first quarter (5.4%). Industrial production compensates for less dynamic consumption. This figure remains solid, even if economists struggle to distinguish structural momentum from the anticipated effects of trade tensions.

Elsewhere in Asia, the Nikkei ended up 0.3%, the Australian ASX by 0.7%. The Shanghai Stock Exchange remained hesitant despite the GDP, while Hong Kong won 0.5%. Taiwan, pulled indirectly by Nvidia, increased by 0.9%. Europe also displays its confidence.

The quotes of the day:

• Dollar Index: 97,805
• Or: 3 354 USD
• Crude oil (Brent): 69,21 USD (WTI) 66,91 USD
• United States 10 years: 4,40%
• BITCOIN: 116 871 USD

Business news:

• JPMORGAN CHASE has exceeded the procurement forecasts for the second quarter, noted its net income forecasts for 2025 to 95.5 billion dollars and has recorded strong growth in its negotiation and investment banking activities in a context of market volatility.
• News Corp has authorized a new share repurchase of $ 1 billion, bringing the total amount authorized to $ 1.3 billion, and plans to accelerate buyouts after August.
• State Street announced a 3.8 % drop in its profit in the second quarter, the increase in employee remuneration costs that have compensated for the gains from commissions on customer assets, despite an increase of 10.6 % of assets under management.
• Apple invests $ 500 million in MP Materials to stock up on rare recycled earth magnets on the domestic market, increase its production capacity in the United States and build a new recycling plant.
• NVIDIA and AMD expect the US licenses soon to take the sale of AI fleas to China. Nvidia has launched a compliant RTX Pro GPU and Chinese companies rush to order.
• Tesla officially entered the Indian market with a model Y at $ 70,000, despite high customs duties. The company opened its first showroom in Mumbai and plans to develop its infrastructure.
• Citigroup has announced a 25 % increase in net profit in the second quarter to $ 4 billion, thanks to the vigor of its negotiation and investment banking activities, thus exceeding analysts’ estimates.
• BNY Mellon exceeded the profit forecasts for the second quarter thanks to an increase of 17 % of his interest income and 7 % of his commission revenues, thus recording his first quarter with a turnover greater than $ 5 billion.
• Wells Fargo recorded a 12 % increase in net profit in the second quarter to $ 5.49 billion, but has revised down its net interest forecasts for the whole year, which should remain stable compared to previous growth forecasts.
• Blackrock has reached a record level of 12,530 billion dollars in assets under management in the second quarter, thanks to market gains and liquidity entries, while turning more to private and technological services.
• Tapestry has increased its participation in the recycled leather manufacturer Gen Phoenix to 9.9 % as part of an investment of $ 15 million, in order to attract consumers of the Z environment concerned with the environment.
• Albertsons noted its annual sales forecasts after better than expected results in the first quarter, invoking a sustained demand for basic necessities, while maintaining its unchanged forecasts.
• Uber has teamed up with Baidu to deploy thousands of autonomous vehicles on international markets outside the United States and China, with an initial launch planned in Asia and the Middle East.
• Vertex Pharmaceuticals concluded a reimbursement agreement with the NHS England for Alyftrek.
• Nvidia has resumed the sale of its H20 GPU in China with a compliant model.
• Tesla launched the marketing of Model Y in India, at the price of around 69,766 dollars.
• Starbucks has announced a change in working policy, demanding four days a week at the office for its employees.

Analysts recommendations:

• Doordash, Inc .: Jefferies lowers its recommendation to “buy” to “keep” and raises its price target from 235 to 250 US dollars.
• Enphase Energy, Inc .: JP Morgan lowers its recommendation to “overcome” “neutral” and raises its price of courses from USD to 37 USD.
• Freeport-McMoran Inc .: Morgan Stanley lowers his note to “overlap” “neutral” and raises its price of courses from 45 to 54 US dollars.
• HF Sinclair Corporation: Raymond James notes its recommendation for “performance in accordance with the market” for “strong purchase” with a price target of 54 USD.
• Marathon Petroleum Corporation: Raymond James notes his “strong purchase” note to “outperformance” with a price of courses noted from 188 USD to 200 USD.
• Realty Income Corporation: Wolfe Research lowers its recommendation of “outperformance” to “similar performance”.
• STERIS PLC: Morgan Stanley notes its “neutral” recommendation to “overlap” with a price of courses noted from 260 USD to 276 USD.
• Venture Global, Inc .: Deutsche Bank lowered its recommendation to “buy” to “keep” with a price of courses noted from 13.50 USD to 17 USD.
• Warner Music Group Corp. : Rothschild & Co Redburn raises its “Sell” note to “neutral” and raises its price of price from 23 USD to 30 USD.
• Waters Corporation: Wells Fargo lowers its recommendation to “overcome” “neutral” and raises its price as a course from 420 USD to 330 USD.
• Delta Air Lines, Inc .: DBS Bank maintains its “conserving” recommendation with a price of courses noted from 45 to 55 US dollars.
• Company floural: Jefferies maintains its recommendation “to keep” with a target of course brought back from 78 to 45 US dollars.
• Hilton Worldwide Holdings Inc .: Barclays maintains his recommendation “overlap” and notes his price of courses from 232 USD to 296 USD.
• Newmont Corporation: CIBC Capital Markets maintains its neutral recommendation with a price of courses noted from 60 to 74 US dollars.
• Organon & Co .: TD Cowen maintains its recommendation “to keep” with a course of course brought back from 15 to 11 US dollars.
• Robinhood Markets, Inc .: Piper Sandler & Co maintains its recommendation “overlap” and raises its target for $ 70 to 110 US dollars.
• Stellantis NV: Evercore ISI maintains its “online” recommendation and reduces its price target from 13 to 9 euros.
• Synchrony Financial: HSBC maintains its “keep” recommendation with a price of courses noted from 54 to 73 US dollars.
• Synopsys, Inc .: Rothschild & Co Redburn maintains its purchasing recommendation and raises its price as a price from 530 USD to 645 USD.
• Whirlpool Corporation: Goldman Sachs maintains its purchasing recommendation and raises its price as a price from 100 to 125 US dollars.
• Wynn Resorts, Limited: HSBC maintains its purchase recommendation and raises its price target from 97 to 124 US dollars.