Trump ignites the dollar! U.S. stocks and Bitcoin hit new highs, the Dow Jones rises by 1,500 points, small-cap stocks soar, U.S. Treasuries and metals plunge

According to CCTV News, Harris called Trump to congratulate him on being elected President of the United States. At the same time, in this election, Trump swept the swing states, the Republican Party regained control of the Senate, and the House of Representatives remains tightly contested, with the Republican Party expected to lead by a narrow margin. Analysts generally believe that the Republican Party controlling the White House and both houses of Congress will bring significant changes to spending and tax policies, which will also benefit U.S. economic growth. In addition to the Trump trade igniting the market, people are also highly focused on the Federal Reserve's monetary decision on Thursday.

The "Trump trade" surged, supporting the three major U.S. stock indices to reach historical highs, with Tesla, Trump Media & Technology (DJT), prison stocks, energy stocks, cryptocurrency concept stocks, and bank stocks all rising sharply, while solar stocks suffered a complete rout, and Chinese concept stocks generally retreated but narrowed their losses towards the end of trading. The market is concerned that Trump's implementation of tariff plans will put pressure on European stocks. Trump's policies have raised inflation concerns, causing the U.S. dollar and U.S. Treasury yields to rise together, leading to a broad decline in commodities, with gold, silver, copper, and oil all falling. Bitcoin futures broke through the $77,000 mark, setting a new historical high.

Expectations for interest rate cuts by the Federal Reserve have plummeted, with the market currently expecting only a 57 basis point cut by 2025, and the total expected cuts from now until the end of 2025 are less than 100 basis points. JP Morgan expects the Federal Reserve to cut rates only once per quarter starting in March 2025. Nomura economists predict that the Federal Reserve may only cut rates once in 2025 and have raised their terminal rate forecast by 50 basis points to 3.625%. They expect Trump to raise tariffs, which will temporarily push up inflation and lead to moderate growth slowdown.

Trump's tariff policy has raised global inflation concerns. European Central Bank Vice President Guindos stated that if Trump implements his tariff plans, global economic growth and inflation may face devastating shocks. ECB Governing Council member and Bank of France Governor Villeroy stated that Trump's victory increases the risks facing the global economy. However, Goldman Sachs expects the ECB to increase the magnitude of interest rate cuts. Additionally, the final values for the Eurozone's October composite and services PMI were both revised upward, standing above the expansion line and returning to growth.

Expectations for interest rate cuts have plummeted, with the market currently expecting only a 57 basis point cut by 2025, and the total expected cuts from now until the end of 2025 are less than 100 basis points (less than four cuts of 25 basis points each).

On Wednesday, November 6, Trump announced his victory, and the "Trump trade" surged, supporting the S&P, Nasdaq, and Dow to all reach historical highs. The Dow rose more than 1,550 points at its peak, marking the best gain in two years, while the Russell small-cap index rose over 5.8% to lead the gains. Tesla surged nearly 15% to a two-year high, and Trump Media & Technology rose over 34.8% before closing up nearly 6%, triggering a trading halt at one point. Expectations of regulatory easing boosted oil, steel, and cryptocurrency stocks, with the Philadelphia Bank Index closing up over 10%. Solar stocks suffered a complete rout, and Chinese concept stocks narrowed their losses towards the end:

• All three major U.S. stock indices rose. The S&P 500 index closed up 146.28 points, or 2.53%, at 5,929.04 points. The Dow, closely related to the economic cycle, closed up 1,508.05 points, or 3.57%, at 43,729.93 points The Nasdaq, which is heavily weighted in technology stocks, rose by 544.29 points, an increase of 2.95%, closing at 18,983.47 points. The Nasdaq 100 Index rose by 2.74%. The Nasdaq Technology Market Capitalization Weighted Index (NDXTMC), which measures the performance of technology stocks in the Nasdaq 100, rose by 2.65%. The Russell 2000 Small-Cap Index, which is more sensitive to economic cycles, rose by 5.84%. The VIX, or fear index, fell by 20.11%, closing at 16.37.

The S&P 500 Index rose by 2.53%, marking the largest increase on record after an election day.

U.S. stock sector ETFs closed mostly higher. Regional bank ETFs rose over 13%, bank sector ETFs rose nearly 12%, financial sector ETFs rose over 6%, and the entire airline sector ETF rose over 5%. Energy sector ETFs, consumer discretionary ETFs, and internet stock index ETFs each rose at least 3%, while science sector ETFs and semiconductor ETFs each rose at least 2.5%. However, consumer staples ETFs and utility ETFs both fell over 1%.

• Most of the 11 sectors of the S&P 500 Index rose. The financial sector rose by 6.16%, industrial, consumer discretionary, and energy sectors each rose at least 3.5%, the technology sector rose by 2.52%, the telecommunications sector rose about 2.4%, while the consumer staples sector fell nearly 1.6%, and the real estate sector fell over 2.6%.
• In terms of investment research strategy: Vincent Juvyns, a global market strategist at Morgan Asset Management, believes that after Trump's election victory, tax cuts and fiscal measures may benefit a wide range of industries and domestic companies, and the U.S. stock market's upward momentum will spread from technology and blue-chip stocks to other sectors, particularly small and mid-cap stocks.
• The "Tech Seven Sisters" mostly rose. Tesla rose by 14.75%, Alphabet A rose by 3.99%, Nvidia rose by 4.07% to a new high, continuing to surpass Apple as the world's largest company by market capitalization. Microsoft rose by 2.12%, and Amazon rose by 3.8% to a historic high. Apple fell by 0.33%. Meta fell by 0.07%.

Tesla's stock price rose nearly 15%, reaching its highest level since July 2023.

• Most chip stocks rose. The Philadelphia Semiconductor Index rose by 3.12%. The industry ETF SOXX rose by 2.92%. The Nvidia double-leveraged ETF rose by 8.08%. AMD rose by 2.43%, Broadcom rose by 3.25%, and ON Semiconductor rose by 2.95%. Arm Holdings rose by 2.87%, Micron Technology rose by 6.01%, and Intel rose by 7.42% Qualcomm rose 4.27%, with a positive third-quarter report and stronger smartphone demand leading the company to be optimistic about its fourth-quarter performance, briefly rising over 12% in after-hours trading. ASML ADR fell 2.22%. TSMC ADR fell 1.3%, and KLA fell 0.1%.
• AI concept stocks saw more gains than losses. Advanced Micro Devices fell 18.05%, with preliminary sales estimates for the third quarter and fourth-quarter guidance falling short of expectations. Barclays lowered AMD's target price from $42 to $25, and JP Morgan downgraded its rating to "underweight," with a target price of $23. Loop Capital cut its target price from $100 to $35. BigBear.ai fell 9.66%, while Palantir rose 8.61%. Dell Technologies rose 3.66%. NVIDIA's AI voice company SoundHound AI, in which it holds shares, rose 5.96%, CrowdStrike rose 4.04%, C3.ai rose 4.17%, Snowflake rose 4.22%, Oracle rose 5.51%, BullFrog AI rose 8.19%, and Serve Robotics rose 2.85%.
• Chinese concept stocks generally retreated. The Nasdaq Golden Dragon China Index fell 3.8% and closed down 1.83%. In ETFs, the China Technology Index ETF (CQQQ) fell 2.11%. The Chinese Internet Index ETF (KWEB) fell 2.01%. The FTSE China 3x Long ETF (YINN) fell 8.73%. The FTSE A50 futures index closed down 0.32% in the overnight session, reporting 13,551.000 points.
• Among popular Chinese concept stocks, new energy vehicle makers collectively declined, with XPeng falling 3.98%. The company will develop the Ultra model for Robotaxi services, with the fourth-generation robot named Iron. ZEEKR fell 5.97%, Li Auto fell 3.25%, and Nio fell 5.3%. Solar stocks broadly declined, with Daqo New Energy falling 8.11%, Canadian Solar falling 19.9%, and JinkoSolar falling 14.31%. Fangdd fell 7.38%, Trip.com fell 1.99%, Alibaba fell 2.5%, Baidu fell 1.04%, Bilibili fell 4.57%, Tiger Brokers fell 1.34%, NetEase fell 0.22%, JD.com fell 3.4%, New Oriental fell 2.93%, and Pinduoduo fell 1.29%.
• Investors speculate that Trump's return to the White House will benefit fossil fuels, leading to a general rise in energy stocks. Baker Hughes rose 10.78%, EQT Resources rose 7.56%, KMI rose 6.64%, Chevron rose 2.81%, and ExxonMobil rose 1.71%.
• Solar stocks plummeted across the board in early U.S. trading. Sunrun fell 29.63%, Array fell 21.94%, solar inverter supplier Enphase Energy fell 16.82%, and First Solar fell 10.13%

Photovoltaic stocks plummet

• Bitcoin surged to a new high, leading blockchain concept stocks to rise broadly, with Coinbase up 31.11%, Cipher Mining up over 31%, Riot Platforms up over 26.1%, the double-leveraged Bitcoin ETF up over 19.7%, Robinhood up over 19.6%, "Bitcoin whale" MicroStrategy (MSTR) up about 13.2%, Canaan Inc. ADR up about 13%, Ethereum ETF ETHV up over 11.4%, and Bitcoin ETF BITB up about 9.9%.
• Trump's election victory has investors anticipating that U.S. regulatory agencies will ease regulations, causing the Philadelphia Bank Index to soar over 10%. The regional bank index closed up 13.47% at 133.26 points. Among Wall Street's major banks, Wells Fargo closed up 13.11%, Morgan Stanley up 11.61%, Goldman Sachs up 13.1%, Citigroup up 8.42%, JP Morgan up 11.54%, and Bank of America up 8.43%.
• Other key stocks: (1) Trump Media & Technology (DJT) rose over 34.8% in early trading before closing up 5.94%. (2) Novo Nordisk ADR fell 4.33%, with Q3 net profit up 21% year-on-year, Wegovy revenue soaring 79%, but narrowing the full-year sales guidance range. (3) Pharmacy chain CVS closed up 11.33%, with third-quarter net income exceeding expectations. (4) Private prison stocks, CoreCivic (CXW) closed up 28.98%, and GEO Group closed up 42.1%.

Trump's election caused European stocks to give back earlier gains and close lower, with concerns about Trump implementing tariff plans. European automotive stocks fell broadly, with BMW down 6.58%, Mercedes-Benz Group down 6.44%, Volkswagen down 4.27%, Stellantis up 1.75%, but announcing layoffs of over 1,000 people. Due to fears that the Trump administration might suspend approvals for new projects, European renewable energy stocks fell over 10%, with Vestas Wind Technology down 12.82%, falling over 23% in two days, and Ørsted down 12.79%:

• The pan-European STOXX 600 index closed down 0.54%. The Eurozone STOXX 50 index closed down 1.43%. The FTSE All-World 300 index closed down 0.47%. BMW closed down 6.58%, with Q3 automotive division revenue of €27.85 billion, a year-on-year decline of 13%, and the company's profit margin falling to its lowest level in four years.
• The German DAX 30 index closed down 1.13%. The French CAC 40 index closed down 0.51%. The Dutch AEX index closed down 0.83%. The Italian FTSE MIB index closed down 1.54%. The UK FTSE 100 index closed down 0.07%. The Spanish IBEX 35 index closed down 2.9%

Trump's victory has made investors anxious about the risks of the U.S. federal government expanding the fiscal deficit, as well as the inflationary pressures caused by tax cuts and tariff policies. Traders have reduced their bets on the Federal Reserve cutting interest rates next year, leading to a significant sell-off in U.S. Treasuries. The yield on the 30-year U.S. Treasury bond rose by as much as 23 basis points, marking the largest single-day increase since 2020, while the yield on the 10-year U.S. Treasury bond surged by 20 basis points, the largest increase since April 10:

U.S. Treasuries: At the close, the yield on the benchmark 10-year U.S. Treasury bond rose by 15.48 basis points to 4.4256%. At 08:00 Beijing time, it opened lower and refreshed the day's low at 4.2481%, but quickly rebounded and formed a significant upward trend, rising to 4.4768% at 20:28, approaching the July 1 peak of 4.4911% and the May 29 peak of 4.6357%. The yield on the two-year U.S. Treasury bond rose by 8.94 basis points to 4.2659%, reaching 4.3073% at 11:01, close to the July 30 peak of 4.4059% and the May 29 peak of 4.9975%.

• Bank of America Merrill Lynch believes that if Trump takes office and implements fiscal expansion, the Federal Reserve may raise its expectations for the neutral interest rate. Additionally, if the new president significantly increases tariffs, the Federal Reserve may pause interest rate cuts due to concerns about inflation and economic growth.

U.S. Treasury yields soared after Trump's victory

• European Bonds: At the close, the yield on the 10-year German bond fell by 2.0 basis points to 2.405%. The yield on the two-year German bond dropped by 12.6 basis points to 2.176%. The yield on the 10-year British bond rose by 3.3 basis points. The yield on the two-year British bond remained roughly unchanged. The yield on the 10-year French bond rose by 1.1 basis points, and the yield on the 10-year Italian bond rose by 6.4 basis points.
• Goldman Sachs economist Sven Jari Stehn expects that after Trump is re-elected as U.S. president, the European Central Bank will cut rates by an additional 25 basis points in July 2025. At the same time, it is expected that the Swiss National Bank and the Swedish National Bank will also cut rates by an additional 25 basis points, while forecasts for the Bank of England and the Norwegian Central Bank remain unchanged. The Eurozone's real GDP is expected to be impacted by 0.5%, while the UK will experience a mild impact of 0.4%.

“The day after the U.S. election,” the U.S. dollar index rose over 1.6% to above 105, reaching its highest level in nearly four months. The Japanese yen fell over 1.9% to nearly 155, its lowest in three months, while the offshore yuan dropped over a thousand points, falling below 7.20 yuan for the first time in over three months. The euro fell over 1.8%, heading towards its worst day in over four years, reaching its lowest in over four months, but the Mexican peso turned to rise during the day, and the Brazilian real led emerging market currencies. Bitcoin futures surged above $7.7, reaching a historic high:

U.S. Dollar: The U.S. Dollar Index (DXY) rose 1.66% at the close, reporting 105.137 points, reclaiming the 200-day moving average (currently reported at 103.849 points). It was in an upward trend throughout the day, with a trading range of 104.043-105.441 points, approaching the June 26 peak of 106.130 points. The Bloomberg Dollar Index increased by 1.26%, reporting 1269.90 points.

The Bloomberg Dollar Index reached a 12-month high, marking the largest single-day increase since February 2023.

Non-U.S. Currencies: The euro fell 1.84% against the U.S. dollar, reporting 1.0729; the British pound dropped 1.23% against the U.S. dollar, reporting 1.2883; the U.S. dollar rose 1.49% against the Swiss franc, reporting 0.8762. Among commodity currencies, the Australian dollar fell 1.01% against the U.S. dollar, the New Zealand dollar dropped 1.08% against the U.S. dollar, and the U.S. dollar rose 0.86% against the Canadian dollar. The Swedish krona fell 1.47% against the U.S. dollar, and the Norwegian krone dropped 1.04% against the U.S. dollar.

• Japanese Yen: The Japanese yen fell 1.95% against the U.S. dollar at the close, reporting 154.58 yen. Wells Fargo pointed out that if U.S. Treasury yields continue to rise, the yen could fall below 155 against the U.S. dollar, potentially reaching a low of 161.95. In response, the Bank of Japan may signal or raise interest rates in advance.
• Offshore Renminbi (CNH): The offshore renminbi fell 1019 points against the U.S. dollar at the close, reporting 7.2036 yuan, trading overall in the range of 7.0906-7.2096 yuan, approaching the August 2 low of 7.2521 yuan.

Cryptocurrency: The largest cryptocurrency, Bitcoin futures, rose 9.63% at the close, reporting $76,585.00, and at 04:59 Beijing time, it briefly rose to $77,140.00, setting a new historical high. Spot Bitcoin increased by over 9.7% in the last 24 hours, refreshing its historical high to $76,475.38 at 04:54. The second-largest Ethereum futures rose 11.11%, reporting $2,711.00, and at 05:17 Beijing time, it reached $2,730.50.

Bitcoin futures surged to a new high of $77,000.

U.S. EIA crude oil supply hits a new high since August, and the strong dollar puts pressure on oil prices. U.S. oil fluctuated lower, dropping over 3% before narrowing the decline to over 0.4%, but U.S. stocks briefly turned positive, rising nearly 1%:

• U.S. Oil: WTI December crude oil futures closed down $0.30, a decline of nearly 0.42%, reporting $71.69 per barrel. U.S. oil continued its earlier downward trend, with pre-market U.S. stocks dropping over 3.1% to $69.74, followed by a rapid rebound, with early trading in U.S. stocks rising nearly 0.9% above $72.60
• Brent Oil: Brent crude oil futures for January closed down $0.61, a decrease of about 0.81%, at $74.92 per barrel. Brent oil continued its earlier decline, dropping nearly 2.9% to a low of $73.30 before quickly rebounding, with U.S. stocks rising nearly 0.6% to approach $76 in early trading.
• On the news front, Citigroup believes that Trump's victory in the U.S. election is a net negative for oil price trends. According to the U.S. Energy Information Administration (EIA), U.S. crude oil supply reached a new high since August, with EIA crude oil inventories increasing by 2.149 million barrels last week, exceeding analysts' expectations of 1.35 million barrels, following a decrease of 515,000 barrels the previous week. Gasoline and refined oil inventories also rose instead of falling.
• Natural Gas: U.S. December natural gas futures closed up 2.88%, at $2.7470 per million British thermal units. The European benchmark TTF Dutch natural gas futures rose 0.25%, at €40.500 per megawatt hour, showing a V-shaped rebound and turning positive at the end. ICE UK natural gas futures fell 0.33%, at 102.350 pence per kilocalorie.

U.S. oil fluctuated, rebounding above $72 after dropping below $70, but ultimately still closed down.

Trump's victory boosted the dollar, reaching a four-month high, coupled with potential tariff policies that could raise inflation and cause the Federal Reserve to halt interest rate cuts. Both factors pressured spot gold to decline, marking the largest single-day drop in five months, with intraday lows falling over 3% to below $2,660, a three-week low. Spot silver also saw intraday lows drop nearly 5.6% to over a three-week minimum level:

Gold: COMEX December gold futures fell 2.97% to $2,668.00 per ounce at the close, continuing to drift away from the historical high of $2,801.80 set on October 30. Spot gold maintained a downward trend throughout the day, with U.S. stocks hitting an intraday low of over 3.3% to approach $2,650 for the first time since October 16, closing down 3.09% at $2,659.06 per ounce, having previously risen to $2,790.10, marking a historical high since October 31, with a cumulative correction of over 4.57%.

Silver: COMEX December silver futures fell 4.59% to $31.270 per ounce at the close. Spot silver maintained a downward trend throughout the day, with U.S. stocks hitting an intraday low of nearly 5.6% to approach $30.80 for the first time since October 15, closing down 4.53% at $31.1778 per ounce.

• Among London industrial metals, copper and zinc fell over 4%, while tin also dropped over 3%: London copper closed down $396, a decline of over 4.06%, at $9,343 per ton. COMEX copper futures fell 5.28%, at $4.2387 per pound. London aluminum closed down $44, at $2,616 per ton. London zinc closed down $130, a drop of about 4.19%, at $2,973 per ton. London lead closed up $20, at $2,048 per ton London nickel rose by $4 to $16,127 per ton. London tin fell by $1,002, down about 3.10%, to $31,347 per ton. London cobalt remained flat at $24,300 per ton.

The strong dollar continues to suppress gold prices, which are trending lower.

The following content was updated before 23:00 Beijing time on November 6

On Wednesday, November 6, Trump announced his victory, and the "Trump trade" surged, supporting the S&P, Nasdaq, and Dow to all reach historic highs. The Dow rose nearly 1,350 points at one point, and the Russell small-cap index surged over 4.8%, marking its largest intraday gain in nearly two years. Tesla soared over 15%, and Trump Media & Technology gained over 34.8% before giving back most of its gains. "Bitcoin whale" MicroStrategy rose nearly 15.7% before narrowing its gains. Trump's victory led investors to anticipate that U.S. regulatory agencies would ease regulations, resulting in a collective rally among Wall Street financial giants. The Philadelphia Bank Index rose about 8.5% at one point, and Wells Fargo surged nearly 16%:

• All three major U.S. stock indices rose. The S&P 500 index rose over 2.1% at one point, reaching a historic high. The Dow, closely related to the economic cycle, rose nearly 1,350 points or 3.2%, setting a historic high. The tech-heavy Nasdaq rose nearly 2.3%, also reaching a historic high. The Russell 2000 small-cap index, more sensitive to the economic cycle, rose over 4.8%, marking its largest intraday gain since January 2023.

• At the beginning of the U.S. stock market, the bank ETF rose 9.16%, the financial sector ETF rose 5.19%, the energy sector ETF and consumer discretionary ETF rose about 2.6%, while the semiconductor ETF lagged with a rise of over 1.8%.
• In terms of investment research strategy: Morgan Asset Management global market strategist Vincent Juvyns believes that following Trump's election victory, the performance of the U.S. stock market will spread from technology and blue-chip stocks to other sectors, particularly small and mid-cap stocks. Trump's proposed tax cuts and fiscal measures could benefit a wide range of industries and domestic companies, boosting small-cap companies.
• Most of the "Tech Seven Sisters" rose. Tesla rose nearly 15.2% at one point, Google A rose over 3.4%, Nvidia rose over 3.3%, Microsoft rose nearly 1.6%, and Amazon rose nearly 1%, all reaching intraday historic highs. Apple opened lower, falling over 1% before rising nearly 1%. Meta fell over 3% at one point.
• Most chip stocks rose. The Philadelphia Semiconductor Index rose over 2.5% at one point, Nvidia's double-leveraged ETF rose over 6.5%, Intel rose over 5.8%, Broadcom rose over 3.4%, AMD rose over 2.6%, while TSMC fell nearly 2.7% at one point
• AI concept stocks mostly rose and fell less. C3.ai once rose over 6.3%, Palantir once rose over 6%, while Advanced Micro Devices once fell nearly 25.6%. The sales estimates for the third quarter and the fourth quarter sales guidance were below expectations. Barclays lowered the target price for Advanced Micro Devices from $42 to $25, and JP Morgan downgraded its rating to "underweight," with a target price of $23. Loop Capital lowered its target price from $100 to $35.
• Chinese concept stocks generally retreated. The Nasdaq Golden Dragon China Index once fell nearly 3.8%. Among popular Chinese concept stocks, XPeng once fell over 8%, as the company plans to develop the Ultra model for Robotaxi services, with the fourth-generation robot named Iron. ZEEKR once fell over 11%, and solar stocks generally declined, with Daqo New Energy once falling nearly 8.4%, Canadian Solar once falling over 16.3%, JinkoSolar once falling nearly 14%, and Fangdd once falling over 9%. Alibaba once fell over 4%, and JD.com once fell over 7.4%.
• Solar stocks plummeted in early U.S. trading. Sunrun once fell about 22.59%, Array once fell about 19.2%, solar inverter supplier Enphase Energy once fell about 16.98%, and First Solar once fell over 15.7%.
• Expectations of regulatory easing caused the Philadelphia Bank Index to soar, rising over 8%. The U.S. Philadelphia Bank Index once rose over 8.5%, marking the largest intraday gain since November 2020. Trump's victory led investors to anticipate that U.S. regulatory agencies would ease regulations. Among major Wall Street banks, Wells Fargo once rose nearly 16%, Morgan Stanley once rose about 9.69%, Goldman Sachs once rose about 9.63%, Citigroup once rose about 8.63%, JP Morgan once rose about 7.88%, and Bank of America once rose about 7.29%.
• Other key stocks: (1) Trump Media & Technology (DJT) once rose over 34.8% in early trading, then retraced most of its gains. (2) Novo Nordisk ADR once fell over 3.1%, with Q3 net profit increasing by 21%, and Wegovy revenue soaring by 79%. (3) Pharmacy chain CVS once rose over 14%, with third-quarter net income exceeding expectations.

【The following is updated content before 22:30】

After Trump's announcement of victory, U.S. stocks continued to rise in pre-market trading. The "Trump trade" surged sharply, with the dollar, U.S. Treasury yields, and Bitcoin all rising collectively, while gold, silver, and oil fell collectively. Trump Media & Technology Group (DJT) once surged nearly 60% in pre-market, with the current gain narrowing to 30%. Tesla rose over 12% in pre-market, while European stocks weakened slightly.

According to CCTV News, based on preliminary estimates released by several U.S. media outlets, Trump has currently secured 277 electoral votes, exceeding the 270 electoral votes needed for victory, effectively locking in the win. Harris has a current vote count of 224.

In other stocks, Novo Nordisk rose over 5%, financial report data shows that the company's third-quarter sales of the weight-loss drug Wegovy surged Super Micro Computer pre-market fell over 19%, with the company's preliminary sales estimate for the third quarter and fourth quarter sales guidance both falling short of expectations.

U.S. stock index futures continue to rise, with Dow futures up over 3%, soaring more than 1,300 points, the first time since November 2022; S&P 500 futures have expanded their gains to 2%, Nasdaq futures are up 1.8%, and Russell 2000 small-cap index futures have surged over 6%.

European stocks' gains have narrowed, with the Euro Stoxx 50 index turning negative, down 0.39%, the Euro Stoxx 600 index's gain narrowing to 0.2%, the German DAX 30 index down 0.19%, and the UK FTSE 100 and French CAC 40 indices' gains narrowing to 0.2%.

U.S. stock Trump Media & Technology Group (DJT) saw its pre-market gains once expand to 58%, now retreating to 30%. Tesla pre-market rose over 15%.

The U.S. dollar index rose to its highest level in a year, currently reported at 104.78.

U.S. Treasuries of all maturities suffered heavy losses, with the yield on 30-year U.S. Treasuries rising 23 basis points, marking the largest single-day increase since 2020, the yield on 10-year Treasuries surged 20 basis points to 4.47%, and the yield on 2-year Treasuries rose over 12 basis points.

Bitcoin reached a historic high, peaking at $75,000 per coin, up over 8% for the day. The largest U.S. cryptocurrency exchange Coinbase rose over 12% pre-market, while Microstrategy, the publicly traded company holding the most Bitcoin globally, rose over 9%.

Global commodities fell, with gold, silver, and crude oil prices all declining. Spot gold fell below $2,700 per ounce, with the decline rapidly expanding to 3%; spot silver once dropped 4%, reported at $31.34 per ounce; WTI crude oil fell 3.00% for the day, reported at $69.82 per barrel, and Brent crude oil fell 2.7%, reported at $73.28 per barrel. COMEX copper futures fell over 4.5%, reported at $4.2715 per pound. LME copper fell nearly 3%, reported at $9,452 per ton.

Non-U.S. currencies collectively fell against the dollar: the Mexican peso's decline against the dollar expanded to 3%, marking the largest drop in three months, the euro fell 1.88% against the dollar, reported at 1.0724. The dollar's rise against the yen expanded to 1.7%, reported at 154.19. The pound quickly fell towards the late October low, breaking below the 200-day moving average. The Australian dollar's decline against the dollar expanded to 1%, the South Korean won fell to a new low since 2022 against the dollar, and the offshore yuan fell over 1,000 points for the day, currently reported at 7.2083