4E: This week focuses on PCE and non-farm data as well as earnings reports from tech giants, with the influx of data intensifying market volatility
ChainCatcher news, this week is a busy week for economic data. The Fed's favored inflation indicator PCE data, the October non-farm payroll report, and the Q3 earnings reports from Apple, Google, Microsoft, Meta, and Amazon will determine the market direction at the start of November.
According to 4E monitoring, last week the three major U.S. stock indexes had mixed performances. Tesla's stock price surged, pushing the Nasdaq up about 0.9%, marking its seventh consecutive week of gains and just a step away from its historical high. The S&P 500 fell 0.3% last week, and the Dow Jones dropped 2.6%, both ending a six-week winning streak. The cryptocurrency market saw significant declines last week, with Bitcoin priced at $67,668, down 2.18% over the past seven days, and Ethereum at $2,490, nearly 10% lower over the same period.
In the forex commodities sector, the dollar index approached a three-month high on Friday, rising 0.8% last week and marking its fourth consecutive week of gains, while political uncertainty led to a 1.9% decline in the yen last week. Due to the instability in the Middle East and the U.S. election, along with global central bank rate cut expectations, spot gold reached a historical high for three consecutive days last week before giving back some gains, but still ended the week up over 0.9%, marking its sixth consecutive week of increases. The tense situation in the Middle East has pushed both U.S. and Brent crude oil prices up over 4% for the week.
Recently, the market has increasingly anticipated a soft landing for the U.S. economy, and this week's series of economic data will test investors' bets. On Wednesday, the U.S. Q3 GDP estimate will be released, followed by the September PCE data on Thursday, and the October non-farm report on Friday. With the policy meeting approaching, Fed officials have once again entered their routine blackout period, and the market widely believes there is a high possibility of a 25 basis point rate cut. The influx of data combined with the approaching U.S. election will intensify market volatility. eeee.com is a financial trading platform that supports assets such as cryptocurrencies, stock indices, commodities like gold, and forex, recently launching a USDT stablecoin financial product with an annualized return of 5.5%, providing investors with potential hedging options. 4E reminds you to pay attention to market volatility risks and to allocate assets wisely.
