As Wall Street rises, Bitcoin and major altcoins fall
● Bitcoin briefly dropped below $96,000 but quickly recovered and showed an upward trend at yesterday's close.
● U.S. stock index futures rose on Sunday evening as Wall Street began a shortened trading week. The market will be closed on Thanksgiving Day, with an early close on Friday.
● Dow Jones index futures contracts rose by 211 points, an increase of 0.5%. Futures contracts linked to the S&P 500 and Nasdaq 100 indices also rose by about 0.4%.
● Major indices showed a winning trend in the post-election rebound. The Dow Jones index's 30 stocks rose about 2% last week, setting a new historical high. Meanwhile, the S&P 500 and Nasdaq Composite Index both rose about 1.7%. The small-cap index Russell 2000 rose 4.5% this week.
● President Trump announced on Friday after the market closed the nomination of Scott Bessent, founder of Key Square Group, as Treasury Secretary. Investors may view this as a favorable choice and believe that this hedge fund manager will support the stock market. Trump stated that Bessent will help him implement some trade protection policies, which have raised concerns among some investors about potential market harm.
● "U.S. stocks, the dollar, and Treasury yields all surged due to better-than-expected U.S. economic data and election results," said Philip Colmar, global strategist at MRB Partners.
● Despite the shortened trading week, interest rate prospects remain in focus as the October Personal Consumption Expenditures (PCE) price index and the minutes from the Fed's most recent policy meeting will be released before Thanksgiving.
● In terms of corporate earnings, several retailers and tech companies are expected to announce quarterly results this week. Bath and Body Works will report earnings on Monday. On Tuesday, Macy's, Nordstrom, and Best Buy will report results, alongside large tech companies like CrowdStrike and Dell Technologies.
● BTC is currently down nearly 3% from its all-time high of $99,645 on November 22. The market has faced profit-taking pressure in recent days. BTC briefly dropped below $96,000, hitting a local low of $95,734.
However, bulls then stepped in, pulling the price back to the $97,000 range, and BTC is currently trading around $97,400, down about 1% from 24 hours ago.
The altcoin market generally declined yesterday, with ETH also experiencing a pullback, down nearly 3% from 24 hours ago.
