The latest data released by the United States on Wednesday, October 31st, local time, shows that the GDP growth rate in the third quarter slowed slightly and fell short of expectations, while the ADP employment data in the United States, known as the "mini non-farm", far exceeded expectations, reaching the highest level in more than a year. The data is mixed, reflecting the continued uncertainty in the US economic situation.
According to 4E monitoring, US stocks rose across the board in early trading, but then plummeted, with the Nasdaq falling 0.56% after hitting a new intraday high, the Dow Jones falling 0.22%, and the S&P 500 index falling 0.33%. Most of the "Tech Seven Sisters" and AI concept stocks fell. The cryptocurrency market saw a Trump trade boost, with Bitcoin approaching its all-time high before retreating, currently hovering around $72,000. As of the time of writing, Bitcoin is reported at $72,245, down 0.23%, and Ethereum is at $2,652, up 0.71%.
In the foreign exchange and commodity markets, the US dollar index briefly rose to a intraday high of 104.44, but then turned lower, ultimately closing down 0.17%, as the market lowered its expectations for a significant rate cut by the European Central Bank in December, and the euro rebounded against the US dollar, closing up 0.35%. The uncertainty surrounding the US election and the instability of geopolitics have led the market to long defensive positions such as gold, providing continued support for gold prices, with spot gold reaching a new all-time high on Wednesday, closing up 0.43%. Unexpected declines in US EIA crude oil inventories, coupled with reports that OPEC+ may delay its oil production increase plan, led to gains in international oil prices on Wednesday, with WTI crude oil closing up 2.31% and Brent up 2.3%.
The latest data shows that the US economic growth rate unexpectedly slowed, with inflation and consumption higher than expected. The more comprehensive and closely watched October non-farm payroll report will be released on Friday, and the market generally expects the Fed's pace of rate cuts will not change, with a further 25 basis point cut at the November 7-8 meeting. Meanwhile, the US election is entering a critical stage, with the latest polls showing voters tend to give Trump better grades on the economy, and global investors are also betting on Trump winning the US election next week. Regardless of the outcome, the market is expected to see greater volatility as the election day approaches. eeee.com is a financial trading platform that supports cryptocurrency, stock indices, bulk gold, 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.
