4E: The US dollar and US Treasury yields continue to rise, with the Dow Jones Industrial Average falling for three consecutive days, putting pressure on risk assets
ChainCatcher news, according to 4E monitoring, on Wednesday, the three major U.S. stock indices fell, influenced by weak stock prices of Apple and Nvidia. Investors sold off technology stocks, chip stocks, and AI concept stocks, dragging the Nasdaq down by 1.60%, leading the decline, while the Dow and S&P both fell about 1% and have declined for three consecutive days. The cryptocurrency market followed the general downturn of U.S. stocks, with Bitcoin briefly approaching $65,000. As of the time of writing, Bitcoin is at $67,300, up 0.36%, while Ethereum is at $2,550, down 2.43%.In the foreign exchange and commodity markets, as the election approaches, investors are weighing the possibility of a significant victory for Trump, which is considered the most favorable outcome for the dollar. The dollar index rose over 0.3% to near a three-month high, with the yen, euro, and pound all declining. Spot gold approached $2,760 during the session, setting a historical high for five consecutive days. Subsequently, the dollar and U.S. Treasury yields rose together, putting pressure on precious metals, turning gains into losses. Spot gold fell 1.2% at the close, while spot silver briefly dropped 4%, departing from its twelve-year high. Last week, the EIA crude oil inventory increase exceeded expectations, putting pressure on oil prices, with U.S. oil falling over 1.3%, ending a two-day rise.The Federal Reserve's Beige Book released on Wednesday showed little change in U.S. economic activity, with an increase in hiring by businesses and continued easing of inflationary pressures. With a series of strong economic data released recently, expectations for Fed rate cuts have weakened, coupled with "Trumpflation" prompting the market to reconsider rate cut expectations, especially for next year, leading to a sustained rise in the dollar and U.S. Treasury yields, which pressured risk assets. The stock market, commodities, cryptocurrencies, and non-U.S. currencies were generally under pressure. eeee.com is a financial trading platform that supports assets such as cryptocurrencies, stock indices, commodity gold, and foreign exchange. It recently launched a USDT stablecoin financial product with an annualized yield of 5.5%, providing investors with a potential hedging option. 4E reminds you to pay attention to market volatility risks and to allocate assets reasonably.
