U.S. GDP Growth Slows, ADP Employment Data Exceeds Expectations
The latest U.S. data reveals a mixed economic outlook, with third-quarter GDP growth slowing slightly and falling short of expectations. However, the U.S. ADP employment data, known as the “small non-agricultural sector,” surpassed expectations, reaching the highest level in over a year. This mixed data highlights the ongoing uncertainty surrounding the state of the U.S. economy.
U.S. stocks initially rose in early trading but later declined sharply. The Nasdaq, after hitting a new intraday high, led the decline by 0.56%. The Dow closed down 0.22%, and the S&P 500 index fell by 0.33%. Most of the “Seven Sisters of Technology” and AI concept stocks also experienced declines.
In the crypto market, Bitcoin fell back after approaching a record high and is currently hovering around $72,000. As of press time, Bitcoin was trading at $72,245, down 0.23%, while Ethereum was trading at $2,652, up 0.71%.
The U.S. dollar index initially rose to an intraday high of 104.44 but later turned lower, closing down 0.17%. The euro rebounded against the U.S. dollar, closing up 0.35%, as the market lowered expectations for a sharp interest rate cut by the European Central Bank in December.
Geopolitical instability and the market’s long defensive positions in gold continued to support gold prices. Spot gold hit a new record high on Wednesday, closing up 0.43%.
International oil prices closed higher on Wednesday, with WTI crude oil closing up 2.31% and Brent oil closing up 2.3%, following an unexpected fall in U.S. EIA crude oil inventory and reports that OPEC+ may postpone its oil production increase plan.
The latest data shows that U.S. economic growth unexpectedly declined, while inflation and consumption were higher than expected. A more comprehensive October non-farm payrolls report will be released on Friday, with most of the market expecting the Fed’s interest rate cuts to remain unchanged at the November 1 meeting.
The U.S. election has entered a critical stage, with the latest polls showing voters tending to give Trump a better score in terms of the economy. Global investors are also betting on Trump’s victory in next week’s election. However, regardless of the outcome, market volatility is expected to increase as election day approaches.
Eeee.com, a financial trading platform supporting cryptocurrencies, stock indexes, bulk gold, foreign exchange, and other assets, recently launched a USDT stablecoin financial product with an annualized return of 5.5%, providing investors with potential hedging options. 4E reminds investors to pay attention to market fluctuation risks and allocate assets reasonably.
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