U.S. stocks collectively closed down before Thanksgiving, with October PCE data in line with expectations, boosting the probability of an interest rate cut.
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2024-11-28 12:32:01 6,341
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According to news on November 28, a report released on Wednesday showed that although the Federal Reserve’s favorite inflation indicator was in line with expectations, October data rebounded from September. This data supports the Federal Reserve’s more cautious stance on interest rate cuts, but the market is cautious Expectations for a rate cut in December have not been suppressed.
According to 4E Monitoring, the three major U.S. stock indexes collectively closed lower on Wednesday, ending the recent consecutive gains. The Dow Jones Industrial Average fell 0.31% and the S&P 500 Index fell 0.38%, ending a seven-day winning streak; most large technology stocks fell. U.S. stocks will be closed for one day on Thursday and close 3 hours early on Friday. Traders seem to be optimistic about the large-cap stocks that have performed well this year. Technology stocks took profits, causing the Nasdaq to fall 0.60%, leading the decline of the three major indexes.
Earlier this week, Bitcoin experienced a downward pullback as some investors took profits as the price approached the historical milestone. The crypto market collectively experienced a strong rebound on Wednesday. Bitcoin rose nearly 4.4% in the past 24 hours, and Ethereum rose more than 10%, boosting the general rise of crypto concept stocks. MicroStrategy rose 9.94%, and Coinbase rose 6.03%.
In terms of foreign exchange commodities, the market was quiet on the eve of Thanksgiving, with the U.S. dollar weakening and falling about 0.9% to hit a two-week low, while non-U.S. currencies generally rose; the news that this Sunday's OPEC+ meeting may postpone the production increase plan supported oil prices, and U.S. oil closed slightly lower on Wednesday. Brent oil was roughly flat; gold prices rose on Wednesday, but gains narrowed after data showed stalling progress in inflation dampened expectations for a rate cut.
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