Banque Suisse,
Focus Méditerranéen

Volatility resurfaced on Wall Street in a session that saw most megacaps getting hit while gold slid alongside cryptocurrencies. News reports saying the Trump administration is weighing restrictions on software exports to China added to recent anxiety around trade. Following a torrid rally, calls for a breather have emerged. The Nasdaq 100 lost 1% after a tepid outlook from Texas Instruments Inc. and a post-earnings slump in Netflix Inc. The S&P 500 closed slightly below 6,700 and The Russell 2000 of small caps lost 1.5%. Ahead of its results, Tesla Inc. slipped. Traders also kept a close eye on geopolitical developments, with Treasury Secretary Scott Bessent saying the US will ratchet up Russia sanctions. At a time when the equity rally has slowed, the flip side is that the proportion of companies beating earnings expectations this quarter is the highest since 2021. Most S&P 500 firmstypically top expectations, but this season stands out considering that analysts had set the bar higher.