CoinVoice has recently learned that a report released on Wednesday showed that the Federal Reserve's favorite inflation indicator, while meeting expectations, rebounded in October compared to September, marking the largest increase since April. This data supports the Federal Reserve's cautious stance on rate cuts, but market expectations for a rate cut in December have not been suppressed.
According to 4E monitoring, on Wednesday, the three major US stock indices collectively closed lower, ending the recent rally. The Dow Jones fell by 0.31%, the S&P 500 index fell by 0.38%, ending a seven-day winning streak; most large tech stocks declined. The US stock market will be closed for one day on Thursday and will close three hours early on Friday. Traders seem to be taking profits on large tech stocks that performed well this year, leading the Nasdaq to drop by 0.60%, underperforming the three major indices.
Earlier this week, Bitcoin experienced a pullback as some investors took profits when the price approached a historic milestone. On Wednesday, the cryptocurrency market collectively rebounded strongly, with Bitcoin rising nearly 4.4% in the last 24 hours, Ethereum rising over 10%, boosting cryptocurrency-related stocks. MicroStrategy rose by 9.94%, and Coinbase rose by 6.03%.
In terms of foreign exchange commodities, the market is quiet on the eve of Thanksgiving, with the dollar weakening and dropping about 0.9% to hit a two-week low, while non-US currencies rose broadly; the OPEC+ meeting this Sunday may delay the latest production increase plan, supporting oil prices. On Wednesday, US oil closed slightly lower, while Brent oil remained roughly flat; gold prices rose on Wednesday, but the increase narrowed after data showed stagnation in inflation progress, suppressing rate cut expectations.
Data from recent months suggests that the process of lowering inflation seems to have stagnated, which may limit the Federal Reserve's room for rate cuts in 2025, but is unlikely to affect the Federal Reserve's decision to continue cutting rates at its last monetary policy meeting of the year. The market currently believes that the likelihood of a 25 basis point rate cut by the Federal Reserve in December has further increased to nearly 70%.
eeee.com is a financial trading platform that supports assets such as cryptocurrencies, stock indices, bulk gold, and foreign exchange. Recently, it launched a USDT stablecoin financial product with an annualized yield of 5.5%, providing investors with potential hedging options. 4E reminds you to pay attention to market volatility risks and to allocate assets reasonably. [Original link]
