According to BlockBeats, the emergence of the 'Trump Trade' in November has significantly influenced global market trends. Last week, all three major U.S. stock indices rose, each gaining over 1% for the week. The Dow Jones Industrial Average increased by 7.5% and the S&P 500 by 5.7%, marking their largest monthly gains this year. The Nasdaq Composite also saw a cumulative rise of over 6%. Large technology stocks experienced widespread gains, with Tesla surging over 38% in November, its best performance in nearly two years, and Nvidia's year-to-date increase reaching 179.23%. The S&P 500 has risen more than 27% this year, compared to a 24% increase last year, sparking varied opinions on the future of U.S. stocks.
In the cryptocurrency market, November's impressive performance has garnered global attention. Bitcoin's monthly gain exceeded 37%, while Ethereum surged by 54%. Altcoins experienced significant increases towards the end of the month, expanding their market share. Bitcoin's market dominance has decreased by 8.15% from its peak during this bull market on November 21, when it stood at 61.78%. The total market value of altcoins rose nearly 70% in November. Historical data indicates that Bitcoin typically sees significant gains in December during halving years. The fact that many members of Trump's cabinet are cryptocurrency investors has fueled bullish sentiment in the market.
In the commodities and foreign exchange sectors, the U.S. dollar fell by 1.67% last week, ending an eight-week streak of gains, but it still rose by 1.72% in November. The 'Trump Trade' boosted the dollar in November, hindering gold's upward momentum and leading to post-election sell-offs. Spot gold fell by approximately 3.7% in November, marking its largest monthly decline since September of last year. Oil prices continued to decline last week, with a weekly drop of over 3%.
In recent weeks, investors have focused on Trump's various economic policies, while changes in Federal Reserve interest rate cut expectations have also been noteworthy. Although the probability of a rate cut in December has increased, the potential for cuts in 2025 is diminishing. This 'near-term increase, long-term decrease' reflects concerns about a resurgence of inflation under Trump's administration. This week's speeches by Federal Reserve Chair Jerome Powell and the release of non-farm payroll data on Friday are expected to set the tone for year-end rate cuts.
