According to ChainCatcher news, the "Trump trade" caused a stir in the market last week. The prospect of Trump's return to the White House and the Republican Party's potential landslide victory in Congress, coupled with the Federal Reserve's expected 25-basis-point rate cut, have resolved two major risk events, driving a significant rebound in the financial markets.
According to 4E monitoring, the US stock market surged, with the three major indices all hitting new highs last week, with the Dow Jones and S&P 500 indices recording their best weekly performance of the year. The S&P 500 index rose 4.66% for the week, the Dow Jones rose 4.61%, and the Nasdaq rose 5.74%. Tesla soared to a new high since April 2022, up 29.01% for the week, with a market capitalization exceeding $1 trillion. Nvidia briefly surpassed Apple to become the world's most valuable company, up 9.03% for the week. The total market value of the seven tech giants increased by nearly $940 billion in a week.
Driven by Trump's support for cryptocurrencies and the prospect of pro-cryptocurrency legislators in Congress, Bitcoin broke through the $80,000 mark, setting a new all-time high. As of the time of writing, it is trading at $81,635, up more than 18% in 7 days. Ethereum is trading at $3,207, up more than 30% in 7 days. Altcoins collectively exploded, with gains generally exceeding the broader market, boosting market sentiment.
In the foreign exchange and commodity markets, the US dollar index rose last week, up 0.6% for the week, marking its sixth consecutive week of gains, while non-US currencies were generally under pressure. Oil prices fluctuated significantly during the week, with a sharp rise at the beginning of the week after OPEC+ delayed production increases, but were weighed down by a new high in US EIA crude oil supply, with Brent crude up 1.09% for the week. Spot gold fell 1.85% for the week due to a stronger US dollar and the Federal Reserve's openness to a pause in rate cuts.
With the US election concluded, investors will now turn their attention to the outlook for monetary policy and corporate earnings, and continue to assess the impact of Trump's policy expectations. This week, several Federal Reserve officials will deliver speeches, and the latest US CPI, PPI, and retail sales data will be important references for investors to assess the health of the US economy and the Federal Reserve's rate cut trajectory in 2025. eeee.com is a financial trading platform that supports cryptocurrencies, stock indices, precious metals, 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.
