On November 1, according to 4E monitoring, the US stock market opened lower and expanded its decline. Technology, chip, and AI concept stocks suffered collective falls. Despite excellent revenue and profits, the “Seven Sisters of Technology” market was disappointed with their performance guidance.
The Nasdaq fell by 2.76% and the Dow dropped by 0.90%, ending the month of October with a cumulative drop of 1.34%. The S&P fell 1.86% and offline 0.99% in October. The crypto market fell, causing Bitcoin to fall below the $70,000 mark to trade at $69,851, down 3.18%. Ethereum fell 5.1%, reporting at $69,851.2516, down 4.28% in October.
The US dollar index fell below 104 on Thursday and closed down 0.2%, but rose by about 3.1% in October. The Bank of Japan’s dovish comments weakened, and the yen rose 1%. In October, the yen rose 5.86%. The euro strengthened and rose 0.26%. But it fell by 2.25% in October. The British pound fell 0.51% against the U.S. dollar and fell 3.55% in October.
International crude oil continued to rise due to the possible escalation of tensions in the Middle East. WTI crude oil rose by more than 2%, and Brent oil closed up 1.87%. The cumulative gain of about 2.38% in October. Safe-haven demand before the U.S. presidential election pushed gold prices to record highs for four consecutive months. Spot gold rose by about 4.2% in October.
The latest data shows that US PCE inflation in September increased by 2.1% year-on-year, in line with expectations. The market is focusing on the October US non-farm employment report to be released tonight. It is generally expected that new non-farm payroll employment will slow significantly in October due to the massive temporary job losses caused by hurricanes and strikes.
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