On March 31, according to 4E monitoring, last week's published data has increasingly worried the market about the US economic outlook. More and more signs indicate that US consumer confidence has significantly declined and spending has reduced due to concerns about tariff-driven inflation, with long-term inflation expectations rising. US stocks plummeted on a weekly basis, crushing the initial rebound from last week. The S&P 500 index fell 1.53% cumulatively, the Dow Jones fell 0.96%, and the Nasdaq fell 2.59%. The Magnificent 7 tech stock index dropped 2.95% last week.
The crypto market followed US stocks and oscillated downward. Bitcoin started the week surging close to $89,000, then retreated under pressure from Trump's tariff news, and further plummeted after the Friday PCE data. Before this article's deadline, it was reported at $81,884, declining 4.46% over the past 7 days. Other mainstream tokens generally declined, with Ethereum breaking below $1,800 and approaching new lows. Market sentiment is low and may continue to be under pressure before Trump's tariff actions become clear.
In the foreign exchange market, the US dollar index oscillated and fell 0.05% cumulatively last week. Safe-haven assets suppressed risk assets, with geopolitical situations supporting some bottom levels. Oil prices rose about 2% last week, gold continued its four-week winning streak and reached a new historical high, with spot gold breaking through $3,100.
Last week's weak data reignited economic concerns, and financial markets were comprehensively hit. As Trump's "reciprocal tariffs" approach on April 2, the market is tense with rising risk-averse sentiment. Additionally, the US March non-farm employment report will be released late this Friday, followed by Powell's speech. The Federal Reserve remained unchanged in March, and the market anticipates further insights from Powell on the US economy, inflation, and the impact of Trump's tariff policies to find new clues about the Fed's monetary policy direction and provide more reliable guidance for the April market.
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