FARM

4E: U.S. stocks plummeted, Bitcoin rose nearly 10% in October, and the market is focused on tonight's October non-farm payroll data

ChainCatcher news reports that according to 4E monitoring, on Thursday local time, U.S. stocks opened lower and the decline widened, with technology stocks, chip stocks, and AI concept stocks collectively falling. Despite the "Tech Seven Sisters" having outstanding revenue and profits, the market was disappointed with their performance guidance considering the current stock prices and valuation levels, leading to a broad sell-off. The Nasdaq fell sharply, closing down 2.76%, marking the largest decline in nearly two months, with a cumulative drop of 0.52% in October, ending a two-month rising streak; the Dow Jones closed down 0.90%, with a cumulative drop of 1.34% in October, halting a five-month rising streak; the S&P 500 fell 1.86%, with a cumulative drop of 0.99% in October, also ending a five-month rising streak.The cryptocurrency market fell collectively under the influence of U.S. stocks. As of the time of writing, Bitcoin fell below the $70,000 mark, trading at $69,851, down 3.18%, having risen nearly 10% in October due to increased trading activity related to Trump. Ethereum fell 5.1%, trading at $2,516, with a cumulative drop of 4.28% in October.The U.S. dollar index fell below 104 on Thursday, closing down 0.2%, but had a cumulative rise of about 3.1% in October. The dovish remarks from the Bank of Japan weakened, with the yen rising 1%, and a cumulative rise of 5.86% in October. Inflation in the Eurozone accelerated beyond expectations in October, strengthening the European Central Bank's cautious rate cut rationale, with the euro strengthening by 0.26%, but a cumulative drop of 2.25% in October. The British pound fell 0.51% against the dollar, with a cumulative drop of 3.55% in October.International crude oil continued its upward trend due to the potential escalation of tensions in the Middle East, with WTI crude oil rising over 2% at one point, and Brent crude closing up 1.87%, with a cumulative rise of about 2.38% in October. The demand for safe-haven assets ahead of the U.S. presidential election has driven gold prices to rise for four consecutive months, continuously hitting new highs, with spot gold having a cumulative rise of about 4.2% in October.Latest data shows that the U.S. PCE inflation in September increased by 2.1% year-on-year, in line with expectations. The market is focusing on the U.S. non-farm payroll report for October to be released tonight. Currently, the market generally expects that the number of new non-farm jobs in October will significantly slow down due to temporary unemployment caused by hurricanes and strikes. It is worth mentioning that when the employment report is released this Friday, there will only be four days left until the U.S. presidential election. If the data is extremely weak, it may affect the election and increase market volatility. eeee.com is a financial trading platform that supports assets such as cryptocurrencies, stock indices, commodities like gold, and foreign exchange. Recently, it launched a USDT stablecoin financial product with an annualized return of 5.5%, providing investors with potential safe-haven options. 4E reminds you to pay attention to market volatility risks and to allocate assets reasonably.

4E: U.S. third-quarter GDP growth fell short of expectations, while the "little non-farm" report was strong and exceeded expectations

ChainCatcher news, on Wednesday local time, the latest data released by the United States showed that the GDP growth rate in the third quarter slightly slowed down and fell short of expectations. The U.S. ADP employment data, known as the "little non-farm," far exceeded expectations, reaching the highest level in over a year. The mixed data reflects the ongoing uncertainty in the U.S. economy.According to 4E monitoring, U.S. stocks initially rose across the board in early trading but then sharply reversed to close lower. The Nasdaq, after hitting a new intraday high, led the decline with a drop of 0.56%. The Dow Jones Industrial Average fell by 0.22%, and the S&P 500 index dropped by 0.33%, with most of the "Tech Seven Sisters" and AI concept stocks declining. In the cryptocurrency market, the Trump trade lifted Bitcoin, which approached its historical high before retreating, currently hovering around $72,000. As of the time of publication, Bitcoin was at $72,245, down 0.23%, while Ethereum was at $2,652, up 0.71%.In the forex market, the U.S. dollar index briefly rose to an intraday high of 104.44 but then turned lower, ultimately closing down 0.17%. This was due to the market lowering expectations for a significant interest rate cut by the European Central Bank in December, with the euro rebounding against the dollar, closing up 0.35%. The uncertainty surrounding the U.S. election and geopolitical instability led the market to favor defensive positions like gold, which continued to receive support, with spot gold hitting a new historical high on Wednesday, ultimately closing up 0.43%. The unexpected decline in U.S. EIA crude oil inventories, along with reports that OPEC+ may delay its oil production increase plan, led to a rise in international oil prices on Wednesday, with WTI crude ultimately closing up 2.31% and Brent crude up 2.3%.The latest data shows that U.S. economic growth unexpectedly declined, with inflation and consumption higher than expected. A more comprehensive and closely watched non-farm payroll report for October will be released on Friday, with most in the market expecting that the Federal Reserve's pace of interest rate cuts will not change, continuing to cut by 25 basis points at the meeting on November 7-8. Meanwhile, the U.S. election is also entering a heated stage, with the latest polls showing voters leaning towards giving Trump better marks on economic issues. Global investors are also betting that Trump will win in next week's U.S. election, but regardless of the outcome, the market is expected to experience greater volatility as election day approaches. 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.

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.
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