According to ChainCatcher news, President Trump held his first cabinet meeting on Wednesday, confirming the implementation of tariffs on Canada and Mexico as scheduled, and claiming that a 25% tariff will be imposed on the European Union. In addition, U.S. new home sales in January fell to a three-month low, further indicating signs of weak consumer demand. The tariff policy coupled with poor consumer data has raised market concerns about the economic growth outlook.
According to 4E monitoring, U.S. stocks initially rallied across the board, but retreated from intraday highs under the impact of Trump's tariff remarks, eventually closing with mixed results. The S&P 500 index and Nasdaq, which had fallen for four consecutive days, rose slightly by 0.01% and 0.26% respectively, while the Dow Jones fell 0.43%. Tech stocks mostly rose, with NVIDIA up more than 3% ahead of its earnings report, while Tesla fell 3.96% due to declining sales. After the U.S. market close, NVIDIA reported fourth-quarter results and current-quarter guidance that exceeded market expectations, easing concerns about its AI chip production and computing power demand.
The cryptocurrency market did not rebound with tech stocks, as BITCOIN fell again, dropping to a low of $82,256 and currently trading at $84,705, down 4.84% in 24 hours. The top 10 cryptocurrencies by market cap collectively declined, with ETH and SOL falling 5.46% and 3.9% respectively. Altcoins showed a mixed performance, with some rising against the trend, exhibiting signs of siphoning off BITCOIN, causing BITCOIN's market dominance to drop from 61% to 59.5% in two days. BITCOIN spot ETF saw a net outflow of $337 million yesterday, marking the 7th consecutive day of capital outflow.
In the foreign exchange and commodity markets, Trump's tariff remarks were the focus, with the U.S. dollar stabilizing and recovering on Wednesday, while gold prices remained stable after hitting a new high, up 0.08% in spot trading; weak oil demand and the potential for a Russia-Ukraine peace agreement continued to put pressure on oil prices, with U.S. oil falling 0.45%.
Current tariff concerns and economic slowdown remain the dominant market sentiment, and investors are closely watching the upcoming U.S. GDP and PCE data, as well as the latest developments in Trump's tariff plan. eeee.com, as a financial trading platform supporting cryptocurrencies, stock indices, gold, and foreign exchange, has recently launched an 8% annualized yield USDT stablecoin investment product, providing investors with a potential hedging option. 4E reminds you to pay attention to market volatility risks and allocate assets reasonably.
