On December 11, according to 4E monitoring, ahead of the release of US CPI data, US stocks fell across the board, with the three major indices all declining. The S&P 500 index closed down 0.30%, the Dow Jones index closed down 0.35%, marking the fourth consecutive trading day of declines, and the Nasdaq fell after hitting a new intraday high, ultimately closing down 0.25%. Large-cap tech stocks were mixed, with Tesla rising 2.87% to a new three-year high, Google A shares rising 5.59%, the largest single-day gain since April. In the crypto concept stock sector, MicroStrategy rose 3.3% as the market speculated it may be included in the Nasdaq 100 index, while Coinbase fell 2.61%.
The cryptocurrency market experienced a violent correction, affected by Google's launch of the latest quantum chip Willow, which triggered discussions in the crypto community about quantum computing attacks. Bitcoin fell from around $100,000 to nearly $94,000, while Altcoins generally fell 20% or more, becoming the biggest decliners in the recent market. As of the time of writing, Bitcoin is hovering around $97,000.
In the foreign exchange and commodity markets, the US dollar index rose to a new one-week high, extending gains for the third consecutive day; safe-haven demand and market bets on the Fed's rate cut next week boosted gold prices, with spot gold rising over 1% to test $2,700; the easing of the situation in Syria and potential stimulus measures in major emerging economies supported market confidence, helping oil prices stabilize after the decline.
The market is currently focused on the release of the US November CPI data at 21:30 tonight, which will largely influence the Fed's interest rate path at its meeting on December 17-18. The CME's FedWatch tool shows that traders see an 86% chance of a rate cut next week.
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