According to 4E monitoring, on Thursday local time, U.S. stocks opened low and widened their losses. Technology stocks, chip stocks, and AI concept stocks all fell. Although the "Seven Sisters of Technology" had excellent revenue and profits, considering the current stock price and valuation level, the market was disappointed with their performance guidance, resulting in a sharp drop across the board. The Nasdaq plunged and closed down 2.76%, the biggest drop in nearly two months. It closed October with a cumulative decline of 0.52%, bidding farewell to two consecutive months of gains; the Dow closed down 0.90%, with a cumulative decline of 1.34% in October, ending its five-month rally; the S&P fell 1.86%, with a cumulative decline of 0.99% in October, bidding farewell to its five-month rally.
The crypto markets fell collectively due to the influence of the U.S. stock market. As of press time, Bitcoin fell below the $70,000 mark to $69,851, down 3.18%. It rose nearly 10% in October as Trump's deal heated up. Ethereum fell 5.1% to $2,516, down 4.28% in October.
The US dollar index fell below 104 on Thursday, closing down 0.2%, but it rose about 3.1% in October. The Bank of Japan's dovish remarks weakened, and the yen rose 1%, up 5.86% in October. Eurozone inflation accelerated more than expected in October, strengthening the case for the European Central Bank to be cautious in cutting interest rates. The euro strengthened and rose 0.26%, but it fell 2.25% in October. The pound fell 0.51% against the US dollar, down 3.55% in October.
International crude oil continued to rise due to the possible escalation of tensions in the Middle East. WTI crude oil once rose by more than 2%, and Brent crude oil closed up 1.87%, with a cumulative increase of about 2.38% in October. The safe-haven demand before the US presidential election pushed gold prices to set new highs for four consecutive months. Spot gold rose by about 4.2% in October.
The latest data shows that the US PCE inflation in September increased by 2.1% year-on-year, which is in line with expectations. The market is focusing on the US non-farm payrolls report for October, which will be released tonight. The market generally expects that due to the temporary unemployment caused by hurricanes and strikes, the number of new non-farm payrolls in October will slow down significantly. It is worth mentioning that when the employment report is released this Friday, there are only four days left before the US presidential election. If the data is extremely weak, it may affect the election and increase market volatility.
