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.