According to ChainCatcher's report released on Wednesday, the inflation indicator preferred by the Federal Reserve met expectations, but the October data rebounded from September, marking the largest increase since April, supporting the Federal Reserve's more cautious stance on rate cuts, but the market's expectations for a rate cut in December have not been dampened.
According to 4E monitoring, the three major US stock indexes collectively closed lower on Wednesday, ending the recent streak of gains. The Dow Jones Industrial Average fell 0.31%, the S&P 500 index fell 0.38%, ending a seven-day winning streak; most large-tech stocks declined, US stocks will be closed for one day on Thursday, and will close 3 hours earlier on Friday, traders seem to be taking profits on the large-tech stocks that have performed well this year, causing the Nasdaq to fall 0.60% and lead the three major indexes.
Earlier this week, Bitcoin experienced a pullback as some investors took profits as the price approached a historic milestone. On Wednesday, the cryptocurrency market saw a strong rebound, with Bitcoin rising nearly 4.4% in the past 24 hours, Ethereum rising over 10%, boosting cryptocurrency concept stocks, with MicroStrategy rising 9.94% and Coinbase rising 6.03%.
In the foreign exchange and commodity markets, the market was quiet on the eve of Thanksgiving, with the US dollar weakening and falling about 0.9% to a two-week low, and non-US currencies generally rising; news that the OPEC+ meeting this Sunday may delay production increase plans supported oil prices, with US oil closing slightly lower on Wednesday and Brent oil roughly flat; gold prices rose on Wednesday, but the gains were limited after data showed inflation progress had stalled, dampening rate cut expectations.
Recent data has shown that the process of lowering inflation appears to have stalled, which may limit the Federal Reserve's room for rate cuts in 2025, but is unlikely to affect the Federal Reserve's continued rate cuts at its last monetary policy meeting this year. The market currently believes the probability of the Federal Reserve cutting rates by 25 basis points in December has further risen to nearly 70%.
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