According to BlockBeats, last Friday saw a positive close for the three major U.S. stock indices, with the Dow Jones Industrial Average rising nearly 1% to reach a historic high. The S&P 500 increased by 0.35%, marking its fifth consecutive day of gains, while the Nasdaq Composite rose by 0.16%. Over the past week, the Dow Jones accumulated a 2% increase, and both the S&P 500 and Nasdaq gained 1.7%. The market's optimism is fueled by the anticipated implementation of tax cuts and deregulation policies under the "Trump Cabinet 2.0."
In the cryptocurrency sector, there was an upward trend last week, with the market sentiment index remaining in the greed phase, indicating investors' optimistic outlook on future price movements. Bitcoin continued to reach new highs, approaching the $100,000 mark, which significantly boosted market activity. Altcoins followed the general market trend with substantial gains, although interest in meme projects declined last week.
In the foreign exchange and commodities markets, the U.S. dollar index rose nearly 1%, surpassing the 108 mark and reaching a two-year high. The bleak economic outlook in the Eurozone dampened oil demand expectations, but the escalating tensions between Russia and Ukraine led to a 6% increase in oil prices last week, marking the best performance in two months. Gold prices were supported by strong safe-haven demand and the diminishing expectations of a Federal Reserve rate cut in December, resulting in a five-day consecutive rise and a weekly gain of 5.7%, the largest in nearly two years.
Following Trump's presidential election victory, the Federal Reserve has adopted a more cautious stance on rate cuts. A series of hawkish comments from Federal Reserve officials last week cast doubt on the likelihood of a December rate cut. The minutes from the Federal Reserve's November meeting and the PCE price index, the Fed's preferred inflation measure, are set to be released on Tuesday and Wednesday, respectively, potentially causing market fluctuations. Currently, investors estimate the probability of a December rate cut by the Federal Reserve to be slightly above 50%.
