Trump plans to apply a more targeted approach to "retaliatory tariffs" to be implemented on 2/4, helping to alleviate market concerns about the potential escalation of trade wars that could increase inflation and hinder the economy. Meanwhile, the US service sector PMI recovered, boosting overall PMI improvement. This good news helped the US stock market rise broadly: S&P 500 increased by 1.76%, Dow Jones rose by 1.42%, and Nasdaq gained 2.27%. Large tech stocks simultaneously improved, with Tesla surging over 11.9%, recording its largest one-day increase since the election.
The cryptocurrency market has recently tended to fluctuate similarly to US stocks. Last week, Strategy purchased 6,911 BTC with a total value of $584.1 million, consolidating market confidence. Yesterday, Bitcoin rose strongly and reached $88,765 after the US stock market opened, currently slightly adjusting to $87,030, recording a 1.7% increase in 24 hours. Among the top 10 cryptocurrencies, SOL led with a stronger increase, currently trading at $140, up 5.17%. Most market segments increased, with the meme coin segment leading at 7%.
In the foreign exchange and commodity markets, investor anxiety about Trump's tariff plan on 2/4 has decreased, with the USD Index rising 0.25% and US crude oil increasing 1.2%. The strengthening USD, combined with gold prices at record highs, prompted investors to take profits, causing spot gold to drop 0.30%.
Trump's more flexible stance on tariffs for trade partners, along with other positive macroeconomic indicators, has promoted market optimism. Currently, investors are closely monitoring Trump's latest "retaliatory" tariff plan to assess potential impacts on economic growth and inflation.
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