According to ChainCatcher news, the US October CPI report is about to be released, which, as the first major economic data after the election, will obviously become a key factor in influencing the future policy path of the Federal Reserve. Before the release of this important inflation data, the market's rapid upward trend has temporarily paused.
According to 4E monitoring, the three major US stock indexes fell on Tuesday. The Dow Jones Industrial Average closed down 0.86%, the S&P 500 Index and the Nasdaq Index ended their five-day winning streak, closing down 0.29% and 0.09% respectively. Among them, the "Trump trade" component stocks led the decline, with Tesla closing down 6.1% and Trump Media Group falling nearly 9%. Cryptocurrency concept stocks were mixed, with MicroStrategy MSTR closing up 4.88% and Coinbase closing down 1.58%.
The cryptocurrency market generally saw a correction, with Bitcoin making a slight adjustment after breaking through $90,000 to hit a new high, closing at $88,196, down 0.61%, and Ethereum closing at $3,270, down 1.66%, as of the time of writing.
In the foreign exchange and commodity markets, the US dollar index rose to its highest level since November 2022 on Tuesday, pushing the euro to its lowest level in a year, the yen to its lowest level in three months, and the offshore renminbi to breach the 7.25 level, with other currencies also under pressure. Weighed down by the strength of the US dollar, and with OPEC lowering its global oil demand growth forecast for the fourth consecutive month, oil prices have fallen by about 5% over the past two trading days. The rise in the US dollar index has also put pressure on gold prices, which have fallen to a near two-month low.
After the election, the market has seen a significant rally, approaching an overbought state, and investors are beginning to consider that the main trading theme in the market may shift back to the prospect of monetary policy. The US October CPI report released tonight may have a critical impact on the Federal Reserve's future rate cut process. Any major surprises in the CPI report could trigger more significant market volatility. eeee.com is a financial trading platform that supports cryptocurrencies, stock indexes, 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 investors with a potential hedging option. 4E reminds you to pay attention to market volatility risks and allocate assets reasonably.
