According to ChainCatcher news, the latest data shows that the U.S. PPI for November increased more than expected, with the month-on-month increase being the largest in seven months, indicating a rise in inflation. The market expects a 25 basis point rate cut next week but has indicated that rate cuts will be paused in January of next year.
According to 4E monitoring, the market has fully priced in the expectation of a rate cut in December, but the latest data has increased uncertainty regarding the Fed's rate cut outlook for next year. All three major U.S. stock indexes fell, with the Dow Jones dropping 0.53%, marking its sixth consecutive decline, the S&P 500 index falling 0.54%, and the Nasdaq decreasing 0.66%. Major tech stocks failed to maintain the momentum from earlier in the week, with Nvidia down 1.41%, Tesla down 1.57%, cryptocurrency concept stock MSTR down 4.67%, and Coinbase down 0.27%.
The cryptocurrency market rebounded and then fell back. When Trump rang the opening bell at the New York Stock Exchange, he stated that he would do great things in the cryptocurrency field, which once pushed Bitcoin above $102,000. However, it later fell back below $100,000 due to the drag from the U.S. stock market, causing a collective pullback in the cryptocurrency market. The DeFi sector showed strong performance, driven by the Trump family project WLFI's purchase of ETH, AAVE, and LINK, resulting in a broad increase in DeFi tokens. Currently, WLFI holds approximately $74.9 million worth of cryptocurrency, with the largest position being ETH, seen by the market as the Trump family betting on Ethereum's potential and making early moves in its crypto strategy.
In the foreign exchange and commodity markets, inflation data pushed the U.S. dollar index up 0.31%, marking the fifth consecutive day of gains; the International Energy Agency (IEA) predicted an oversupply next year, offsetting the optimism of rate cuts and dragging down U.S. and Brent crude oil prices; a stronger dollar puts pressure on gold, and the strong PPI data further reduces gold's appeal as a safe haven, leading to a significant drop in gold prices, with London spot gold down 1.33%.
eeee.com is a financial trading platform that supports assets such as cryptocurrencies, stock indices, large gold, foreign exchange, etc. Recently, it launched a USDT stablecoin financial product with an annualized return 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.
