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U.S. third-quarter GDP growth falls short of expectations, "mini non-farm" significantly exceeds expectations

U.S. third-quarter GDP growth falls short of expectations, "mini non-farm" significantly exceeds expectations

Bitget2024/10/31 03:55

Local time on Wednesday, the latest data released by the United States showed that the GDP growth rate in the third quarter was slightly slower than expected. The US ADP employment data, known as "small non-farm", far exceeded expectations and reached its highest level in over a year. The mixed data reflects uncertainty about the state of the U.S. economy. According to 4E monitoring, U.S. stocks rose across the board at one point during early trading but then plummeted to close lower across all indices; Nasdaq led losses with a drop of 0.56% after hitting an intraday high, Dow Jones fell by 0.22%, and S&P500 index dropped by 0.33%. Most "Tech Seven Sisters" and AI concept stocks declined while cryptocurrency market saw increased trading due to Trump's influence; Bitcoin approached its historical high before falling back and is currently hovering around $72,000 USD.

As of press time, Bitcoin was quoted at $72,245 USD (down 0.23%) while Ethereum stood at $2,652 (up 0.71%). In terms of major foreign exchange markets: The dollar index once rose to an intraday high of 104.44 but later turned down to finally close down by 0.17%; due to market lowering expectations for significant interest rate cuts from European Central Bank in December - Euro rebounded against Dollar closing up by .35%.

Uncertainty surrounding U.S elections along with geopolitical instability has prompted markets towards defensive positions such as gold which continues gaining support; spot gold hit another record high on Wednesday ending up .43%. Unexpected decline in US EIA crude oil inventories coupled with reports suggesting OPEC+ might delay their oil production increase plan resulted in international oil prices rising on Wednesday - WTI crude closed up by 2..31% & Brent Crude ended higher by 2..3%.

Latest data shows unexpected slowdown in US economic growth with inflation and consumption higher than expected. A more comprehensive and closely watched non-farm employment report for October will be released on Friday; most market participants expect the Federal Reserve's pace of interest rate cuts to remain unchanged, continuing to cut by 25 basis points at its November 7-8 meeting. Meanwhile, the U.S election has entered a heated phase - latest polls show voters tend to give Trump better grades on economy while global investors are betting on Trump winning next week's U.S elections but regardless of outcome, markets are expected to experience greater volatility as Election Day approaches.

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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.

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