U.S. Election 2024 Commentary
What an incredibly eventful day! Just a few more votes for Trump, and the 2024 presidency is pretty much decided. Trump has maintained a lead in the polls from the start, and now it all hinges on Arizona, Michigan, Nevada, and Wisconsin. With over half the votes counted in these states, the scales are tipping toward Trump.
The dollar surged 1.2% to reach July highs of 105, with yields also climbing as markets anticipate stronger economic growth and increased fiscal spending. The 10-year Treasury yield rose by 15 basis points, while the 2-year added 8 basis points, signaling heightened investor expectations. Despite expectations for a decrease in rate cut probabilities due to Trump’s “friendlier” proposed policies, the market is still pricing in 1.8 cuts this year and 3 more cuts next year.
The crypto market has been on fire with BTC hitting all-time high of 75k after touching its previous record of 73.5k, set back on March 14. Since then, BTC has traded mostly within a tight range below 70k. Notably, BTC has now navigated three election cycles since its inception in 2009, each followed by rallies to new highs, with prices never dipping back to pre-election levels. We expect this bullish momentum to hold strong as we head into 2025.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
NVIDIA (NVDA.US) management changes may affect Anthropic's IPO plans; the market is watching whether the multi-billion-dollar investment will change
With the sudden departure of Nvidia CEO Jensen Huang, the record-breaking initial public offering plan of AI giant Anthropic is being reconsidered by the market.
Nebius Q3 results exceed expectations, capital expenditure rises to $27 billion, ARR target postponed, stock falls over 14% pre-market | Earnings Report Insights
Nebius reported Q3 revenue of $981 million (a year-on-year increase of 571%) and adjusted EBITDA of $466 million, both exceeding expectations. However, the company delayed and lowered its guidance for annual recurring revenue (ARR), stating that it is no longer applicable. Additionally, it significantly raised its 2026 capital expenditure target to $27 billion, with projections to further increase to $40 billion to $45 billion in 2027. The stock price plummeted more than 14% in pre-market trading.
AUD/USD Price Forecast: Breakdown of H&S pattern keeps the pair under pressure
U.S. Stock Market Preview | Major Index Futures Mixed; Nvidia Plunges Pre-market; Fed Officials' Speeches Incoming
Before the U.S. stock market opens on Thursday, November 12, the three major U.S. stock index futures showed mixed movements.
Crypto prices
More
