The New York Stock Exchange is likely to start Tuesday morning in the red, in the absence of any factors likely to encourage investors to continue buying beyond their recent record highs.

Half an hour before the opening, futures contracts on the S&P 500 and Nasdaq 100 indices were down between 0.2% and 0.4%, heralding a negative start to the session.

US equity markets finished higher on Monday for the first session of the second half of the year, continuing the positive momentum they have enjoyed since the start of the year.

By gaining nearly 15% since January 1, the S&P 500 has made its 21st best start to the year since 1900, which could begin to justify a pause on the part of investors.

With no major economic indicators on today's agenda, volumes could prove relatively limited on Tuesday, with small spreads to follow.

As yesterday, it would seem that the deterioration in bond markets, a factor to which investors remain very attentive, is also weighing on the trend.

The yield on 10-year US Treasury bonds is down a little this morning, towards 4.43%, but it had reached almost 4.48% last night, its worst level since the end of May.

"It's not worrying yet", reacts Christopher Dembik, investment strategy advisor at Pictet AM.

But if the trend continues, it could have a negative impact on stock market momentum", he warns.

As Wall Street enters the second half of the financial year, some strategists are beginning to fear a correction, given that the New York indices have not suffered a 5% downturn for almost a year now.

In a recent strategy note, Citi analysts warn of a "summer storm" scenario, accentuated by the risk of a possible relapse into recession.

Recent market revisions to corporate earnings have tended to be on the downside recently, they point out, and the volatility associated with the presidential election remains another unpredictable factor, warns Citi.

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