According to ChainCatcher news, the US non-farm data in October was much lower than expected. Excluding the distortion of data caused by two hurricanes and the Boeing strike, the labor market is also gradually cooling down. At the same time, the results of the US election will be announced soon, and Trump's chances of winning have unexpectedly weakened, leading to a reversal of the "Trump trade", adding more uncertainty to the election.
According to 4E monitoring, the financial reports of major technology giants were released last week. Although Apple's financial report on Friday was disappointing, the weak US non-farm data in October boosted expectations of rate cuts, and the positive financial reports of Amazon and Intel boosted the optimistic sentiment of technology stocks, with the Nasdaq closing up 0.8%. However, on a weekly basis, US stocks fell across the board, with the Nasdaq ending its previous seven-week winning streak, down 1.5% for the week, the S&P down 1.4%, and the Dow down 0.2%. The cryptocurrency market was affected by the weakening of the "Trump trade", and the risk-averse sentiment intensified after approaching historical highs at the end of the month. As of the time of writing, Bitcoin is reported at $68,885, up 0.25%, and the 7-day gain has fallen to 1.8%.
In the foreign exchange and commodity markets, the US dollar index V-shaped reversed on Friday's "non-farm day", breaking back above 104 and erasing the week's decline, up 0.06% for the week, with the pound being the only non-US currency to rise, ending the slump of the previous two days due to the budget case, but falling for five consecutive weeks, the longest in six years. Spot gold rose slightly after the non-farm data on Friday, but subsequently fell back as the US dollar and US bond yields remained strong, ultimately closing down 0.32%, the largest weekly decline since August. Due to Iran's relatively restrained retaliation against Israel, US crude oil production hitting a new high, and weak economic data such as non-farm data raising demand concerns, international crude oil retreated from highs on Friday, with oil prices falling more than 3% for the week.
This week will be a week that changes history, as the final vote in the US election will be held on Tuesday, November 5, and the election results are expected to be basically determined by noon Beijing time on the 6th. The current election situation is deadlocked, with swing state polls constantly flipping, and the latest poll data showing no clear advantage between Trump and Harris. Some investors have chosen to take profits on some Trump-oriented positions, especially those related to Trump's policies and opinion poll improvements. The overall market sentiment is currently cautious, with increased uncertainty. eeee.com is a financial trading platform that supports cryptocurrencies, stock indices, bulk gold, foreign exchange and other assets, and has recently launched a USDT stable coin wealth management product with an annualized yield of 5.5%, providing potential hedging options for investors. 4E reminds you to pay attention to market volatility risks and allocate assets reasonably.
