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more dovish Fed pushed the dollar lower against nearly every major and emerging currency in the world.More on that below. In my column today, I look at the rotation out of tech stocks and into small caps that accelerated in August, and ask whether it can continue into September.If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today.1. Fed Governor Cook sues Trump over his attempt to fireher 2. Dollar drop on politicized Fed may be part of Trumpdeal: Mike Dolan 3. Nvidia CEO says AI boom far from over after tepid salesforecast 4. For bruised bond markets, turbulence persists as debtsales ramp up again 5. EU to scrap tariffs on U.S. goods to pave way for lowercar dutiesToday's Key Market Moves* STOCKS: S&P 500 hits new high, Nasdaq outperforms.Europe, Asia, emerging markets more mixed. * SHARES/SECTORS: Nvidia slips 0.8%, but recovers fromafter-market lows overnight. Tech and communications lead U.Smarkets higher though, small caps lag. * FX: Dollar falls against nearly every currency in theworld, dollar index -0.4%. China's offshore yuan hits 2025 high. * BONDS: Long-dated yields in Japan, France, and UK easeback from this week's multi-year peaks. U.S. curve bullflattens, $44 billion auction of 7-year notes goes pretty well. * COMMODITIES: Copper has biggest rise in two weeks, up1.5% to a 2-week high. Nvidia, U.S. GDP help lift prices.Today's Talking Points:* U.S. GDP resilienceSecond-quarter U.S. GDP growth was unexpectedly revised up to an annualized 3.3% from 3.1% and PCE inflation in the quarter was revised slightly lower to 2.5% from 2.6%. On the margins, this may point to more of a 'Goldilocks' scenario and temper some of the 'stagflation' fears that continue to swirl.Does this alter Fed expectations? Probably not - there are some key data before the September 17 decision, starting with July PCE inflation on Thursday, that will have much bigger sway. But it does show that the impact from tariffs on activity and prices hasn't been properly felt yet.* Big governmentContrary to what we were told on the campaign trail and led to believe with Elon Musk's 'DOGE' moment in the Washington sun, the Trump administration is taking a very active role in many aspects of U.S. economic, policymaking and industrial life.CGU et Politique de confidentialitéPrivacy & Cookie SettingsMore InfoS&P 5006,460.26 -41.60 (-0.64%)Dow 3045,544.88 -92.02 (-0.20%)Nasdaq21,455.55 -249.61 (-1.15%)Russell 20002,366.42 -11.99 (-0.50%)VIX15.36 +0.93 (+6.44%)Gold3,516.10 +41.80 (+1.20%)PortefeuilleConnectez-vous pour accéder à votre portefeuilleSe connecterLes plus performantsAMBA Ambarella, Inc. 82.48 +11.85 (+16.78%)IREN IREN Limited 26.48 +3.44 (+14.93%)BABA Alibaba Group Holding Limited 135.00 +15.43 (+12.90%)AFRM Affirm Holdings, Inc. 88.46 +8.47 (+10.59%)DOOO BRP Inc. 62.98 +5.49 (+9.55%)Les moins performantsMRVL Marvell Technology, Inc. 62.87 -14.36 (-18.60%)CHA Chagee Holdings Limited 19.11 -2.89 (-13.14%)RMBS Rambus Inc. 73.77 -7.32 (-9.03%)DELL Dell Technologies Inc. 122.15 -11.90 (-8.88%)BLSH Bullish 59.03 -5.40 (-8.38%)Les plus liquidesWBA Walgreens Boots Alliance, Inc. 11.98 0.00 (0.00%)OPEN Opendoor Technologies Inc. 4.4500 +0.1800 (+4.22%)NVDA NVIDIA Corporation 174.18 -5.94 (-3.30%)LCID Lucid Group, Inc. 1.9800 -0.0900 (-4.35%)MRVL Marvell Technology, Inc. 62.87 -14.36 (-18.60%)Événements concernant les bénéficesÉvénements concernant mes bénéficesÉvénements concernant les bénéficesActions du momentBABA Alibaba Group Holding Limited 135.00 +15.43 (+12.90%)BTC-USD Bitcoin USD 107,871.98 -3,502.96 (-3.15%)ORCL Oracle Corporation 226.13 -14.19 (-5.90%)FLYY Spirit Aviation Holdings, Inc. 1.2200 -0.0300 (-2.40%)^IXIC NASDAQ Composite 21,455.55 -249.61 (-1.15%)Principaux événements économiques