According to ChainCatcher news, this week is a busy week for economic data, with the PCE data, the October non-farm payroll report, and the third-quarter financial reports of Apple, Google, Microsoft, Meta, and Amazon, which will determine the market direction at the beginning of November.
According to 4E monitoring, the performance of the three major US stock indexes was mixed last week, with Tesla's soaring stock price driving the Nasdaq to rise about 0.9%, marking its seventh consecutive week of gains and being just one step away from a new high. The S&P 500 fell 0.3% and the Dow Jones fell 2.6% last week, both ending a six-week winning streak. The cryptocurrency market generally experienced a significant decline last week, with Bitcoin trading at $67,668 as of the time of writing, down 2.18% in 7 days, and Ethereum trading at $2,490, down nearly 10% in 7 days.
In the foreign exchange and commodity markets, the US dollar index rose to a three-month high on Friday, up 0.8% for the week and rising for the fourth consecutive week, while political uncertainty led the yen to fall 1.9% for the week. Due to the instability in the Middle East and the US election, as well as the expectation of interest rate cuts by central banks globally, spot gold hit a new high for three consecutive days last week before retracing some of the gains, but still ended the week up more than 0.9%, marking its sixth consecutive week of gains. The tense situation in the Middle East also helped push US oil and Brent oil up more than 4% for the week.
The market is increasingly expecting a soft landing for the US economy, and the series of economic data this week will test investors' bets. The Q3 GDP estimate will be released on Wednesday, the latest September PCE data on Thursday, and the October non-farm payroll report on Friday. With the policy meeting approaching, Fed officials have entered their usual quiet period, and the market generally believes that a 25-basis-point rate cut is highly likely. The dense data release and the approaching US election will increase market volatility. eeee.com is a financial trading platform that supports cryptocurrencies, stock indexes, bulk gold, foreign exchange and other assets, and has recently launched a USDT stablecoin wealth management product with an annualized yield of 5.5%, providing investors with a potential hedging option. 4E reminds you to pay attention to market volatility risks and allocate assets reasonably.
