BlockBeats news, on November 1, according to 4E monitoring, local time on Thursday, U.S. stocks opened lower and the decline widened. Technology stocks, chip stocks, and AI concept stocks collectively fell. Despite the 'Seven Sisters of Technology' having outstanding revenue and profits, considering the current stock price and valuation levels, the market was disappointed with their performance guidance, leading to a broad decline. The Nasdaq Composite fell sharply, closing down 2.76%, marking its largest decline in nearly two months. October ended with a cumulative drop of 0.52%, ending a two-month streak of gains. The Dow Jones Industrial Average closed down 0.90%, with a cumulative drop of 1.34% in October, halting a five-month streak of gains. The S&P 500 fell 1.86%, with a cumulative drop of 0.99% in October, ending a five-month streak of gains.
The cryptocurrency market fell collectively under the influence of U.S. stocks. As of the time of publication, Bitcoin fell below the $70,000 mark, reporting at $69,851, down 3.18%. Due to the warming of Trump-related trading, Bitcoin accumulated an increase of nearly 10% in October. Ethereum fell 5.1%, reporting at $2,516, with a cumulative drop of 4.28% in October.
The U.S. dollar index fell below 104 on Thursday, closing down 0.2%, but had a cumulative increase of about 3.1% in October. The dovish comments from the Bank of Japan weakened, causing the yen to rise 1%, with a cumulative increase of 5.86% in October. Inflation in the Eurozone accelerated beyond expectations in October, strengthening the rationale for the European Central Bank to exercise caution in cutting interest rates. The euro strengthened, rising 0.26%, but had a cumulative drop of 2.25% in October. The British pound fell 0.51% against the U.S. dollar, with a cumulative drop of 3.55% in October.
International crude oil prices continue to rise due to the potential escalation of tensions in the Middle East. WTI crude oil once rose more than 2%, and Brent crude closed up 1.87%, with an accumulated increase of about 2.38% in October. Risk aversion before the U.S. presidential election has driven gold prices to rise for four consecutive months, reaching new highs, with spot gold accumulating an increase of about 4.2% in October.
Latest data shows that U.S. PCE inflation in September rose 2.1% year-on-year, in line with expectations. The market is focusing on tonight's release of the October U.S. non-farm payroll report. Currently, the market generally expects that due to temporary unemployment caused by hurricanes and strikes, the number of non-farm jobs added in October will slow significantly. It is worth mentioning that when the employment report is released this Friday, there will be only four days left until the U.S. presidential election. If the data is extremely weak, it may impact the election and increase market volatility. eeee.com is a financial trading platform that supports assets such as cryptocurrencies, stock indices, commodities like gold, and foreign exchange. 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 wisely.
