Followin' the observation from 4E, under the continuous impact of Trump's tariff policy, the three main indices of the US stock market have fluctuated strongly in the past week and have all declined. The Dow Jones index fell by about 3.1%, recording the worst week since March 2023. S&P 500 fell 2.27% and Nasdaq fell 2.43%, marking the fourth consecutive week of decline. Most large technology stocks fell during the week, except for Nvidia, which rebounded by nearly 8%.
The cryptocurrency market has been highly volatile, with Bitcoin falling to its lowest level in recent Bit before recovering, fluctuating around the $83,000 mark. The US stock market surged on Friday, helping Bitcoin exceed $85,000, but at the end of the week due to low liquidation, the upward momentum was not maintained. At the Bit of writing, BTC is trading at $83,144, up nearly 1.5% in the past 7 days. The major altcoins have mostly risen slightly. Ethereum is struggling to hold above $1,900, while BNB is benefiting from a $2 billion investment from Abu Dhabi and the recovery of meme projects on the chain, helping the price rise by nearly 10% in the past 7 days.
Regarding the foreign exchange and commodity markets: The US dollar index fell by about 0.1% in the previous week. The crude oil market recovered on Friday, reversing the downward trend of the entire week, marking the first weekly increase in US crude oil in nearly two Bit. The shadow of the trade war has fueled the demand for safe-haven assets, pushing the spot gold price to a record high of $3,004.94 per ounce, the first Bit in history to exceed the psychological level of $3,000. In total for the week, gold rose 2.65%.
The US inflation data for February (CPI & PPI) were lower than expected, helping to alleviate concerns about the stagflation of the economy. However, the latest University of Michigan consumer confidence index has hit a nearly 3-year low, reflecting the extreme pessimism of consumers about the economic outlook. This week, the market is entering the "Super Week of Central Banks", with more than 20 central banks announcing new policy rates. The focus will be on the US Federal Reserve (Fed) and the Bank of Japan (BOJ). Currently, the market expects both the Fed and the BOJ to keep interest rates unchanged.
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