On February 26, US consumer confidence in February was weaker than expected, recording the largest monthly decline in more than three years, coupled with Trump's statement that he will impose tariffs on imports from Canada and Mexico as scheduled after the deferral period, heightening market concerns about tariffs and economic recession.
According to 4E monitoring, US stocks fell more than they rose on Tuesday, with the Dow Jones up 0.37%, the S&P 500 down 0.47%, and the Nasdaq down 1.35%. Most large-cap tech stocks fell, with Tesla plunging more than 8.39%, its market value falling below $1 trillion, and Nvidia closely following with a 2.8% drop. A recent report by Goldman Sachs said that hedge funds are withdrawing from US tech and media stocks at the fastest pace in six months, and the seven tech giants are in a technical correction.
The crypto market had already led the US stock market in a decline yesterday, with Bitcoin briefly falling to $86,050, Ethereum to a low of $2,313, and the cooling of the meme trend coupled with the imminent unlocking of a large amount of tokens causing the deepest drop in SOL, down nearly 50% in the past month. The Bitcoin spot ETF saw a net outflow of $774 million yesterday, continuing a 6-day net outflow. The crypto market has been sluggish since February, and the start of this week has seen another sharp decline, with the Fear & Greed Index falling to 21, a new low since September last year.
In the foreign exchange and commodity markets, weak consumer confidence data weighed on the US dollar, with the US dollar index falling 0.2%, near the two-month low set on Monday; market concerns about the outlook for oil demand, coupled with the potential for peace talks in Russia, caused oil prices to fall more than 2%; and after reaching new highs, gold investors took profits, with spot gold falling more than 1.2%.
A series of weak data recently suggests the US economy may be entering a recession, with the S&P and Nasdaq falling for four consecutive sessions, exacerbating market concerns about the decline in consumer confidence and the impact of tariff policies on the economy. Traders are generally cautious and waiting for more economic data and policy guidance. eeee.com, as a financial trading platform that supports cryptocurrencies, stock indices, gold, and foreign exchange assets, has recently launched an 8% annualized yield USDT stablecoin wealth management product, providing investors with a potential hedging option. 4E reminds you to pay attention to market volatility risks and allocate assets reasonably.
