US Stocks Close at New All-Time Highs, Chinese Stocks Mostly Rise, Bitcoin Plunges

US Stocks Close at New All-Time Highs, Chinese Stocks Mostly Rise, Bitcoin PlungesUS stocks rallied in late trading yesterday, with all three major indices closing higher. Both the Dow Jones and S&P 500 reached new closing highs

US Stocks Close at New All-Time Highs, Chinese Stocks Mostly Rise, Bitcoin Plunges

US stocks rallied in late trading yesterday, with all three major indices closing higher. Both the Dow Jones and S&P 500 reached new closing highs. In September, the Dow Jones rose 1.85%, the S&P 500 gained 2.02%, and the Nasdaq surged 2.68%. Notably, the Dow Jones and S&P 500 recorded their fifth consecutive monthly gains. Tech stocks generally rose, with Apple climbing over 2%, Google rising over 1%, Netflix, Facebook, and Microsoft experiencing modest gains, while Amazon saw a slight decline.

The Nasdaq Golden Dragon China Index increased by 0.45%, marking a cumulative gain of 29.60% in September. The FTSE A50 futures index closed down 1.32% in consecutive overnight trading, reaching 13716.000 points, indicating a cumulative increase of over 18.75% for the month.

Popular Chinese stocks mostly rose, with Tiger Brokers soaring over 16%, JinkoSolar surging over 15%, Dingdong Maicai gaining approximately 12%, TAL Education climbing over 9%, RELX Technology rising over 7%, and Gaotu Group increasing by about 6%. On the other hand, Canaan Inc. and XPeng Motors fell over 4%, while Trip.com Group decreased by around 3%. Fangdd Network Group surged by 146%, reaching $3.10 per share, marking its largest single-day gain since May 17th.

Yesterday, both international spot gold and silver fell, with price drops of 0.89% and 1.53% respectively. US WTI crude oil closed essentially flat on Monday, recording a cumulative decline of 6.2% in September, marking its third consecutive monthly drop.

The cryptocurrency market also experienced a significant decline. Bitcoin plummeted from $66,000 to below $63,000, at one point falling over 4% during the day. Data from Coinglass reveals that over 80,000 accounts liquidated their positions within the past 24 hours, resulting in total losses exceeding $230 million.

Federal Reserve Chairman Jerome Powell delivered a speech at the annual meeting of the National Association for Business Economics in Nashville, Tennessee. He stated that the recent 50 basis point rate cut should not be interpreted as an indication that future actions will be equally aggressive; in fact, it suggests that the scale of subsequent moves will be smaller. If economic data remains consistent, two additional rate cuts totaling 50 basis points may occur this year.

According to CME's "FedWatch," the probability of a rate cut in November is 100%: a 25 basis point cut has a probability of 62.9%, while a 50 basis point cut has a probability of 37.1%. By December, the probability of a cumulative 50 basis point rate cut is 36.7%, a 75 basis point cumulative rate cut is 47.9%, and a 100 basis point cumulative rate cut is 15.5%.

Spot gold and spot silver opened slightly higher today.

US stocks closed at new all-time highs, with the Dow Jones and S&P 500 recording their fifth consecutive monthly gains. Tech stocks generally rose, with Apple climbing over 2%, Google rising over 1%. The Nasdaq Golden Dragon China Index increased by 0.45%, marking a cumulative gain of 29.60% in September. Popular Chinese stocks mostly rose, with Tiger Brokers soaring over 16%, JinkoSolar surging over 15%.

Bitcoin plummeted from $66,000 to below $63,000, at one point falling over 4% during the day. Data from Coinglass reveals that over 80,000 accounts liquidated their positions within the past 24 hours, resulting in total losses exceeding $230 million.

Federal Reserve Chairman Jerome Powell stated that the recent 50 basis point rate cut should not be interpreted as an indication that future actions will be equally aggressive; in fact, it suggests that the scale of subsequent moves will be smaller. If economic data remains consistent, two additional rate cuts totaling 50 basis points may occur this year.

According to CME's "FedWatch," the probability of a rate cut in November is 100%: a 25 basis point cut has a probability of 62.9%, while a 50 basis point cut has a probability of 37.1%.

Spot gold and spot silver opened slightly higher today.