【Today's Market Preview】The heavyweight PCE is here! Bitcoin and Ethereum plummet

mitrade
2025.08.29 09:55
portai
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Today's Market Outlook: The three major stock index futures are down, and Affirm's earnings report exceeded expectations, soaring 15% in pre-market trading. The July PCE price index will be released tonight at 20:30, with the market expecting a core PCE year-on-year increase rate of 2.9%. Bitcoin and Ethereum have plummeted, down 2.57% and 3.85%, respectively. Gold prices have risen above $3,400, with institutions optimistic about the future market. The S&P 500 index has reached a historic high, but institutions warn of a pullback risk

Investment Insights - Here are today's five major financial events:

  1. Three major stock index futures fell, Affirm surged 15% after earnings!

Before the opening of the U.S. stock market on August 29, three major stock index futures declined. As of 5:50 AM Eastern Time, Dow Jones futures fell by 0.31%, S&P 500 futures fell by 0.27%, and Nasdaq 100 futures fell by 0.44%.

Popular stocks generally declined, with NVIDIA (NVDA) down 1.15% and Tesla (TSLA) down 0.89%. Affirm (AFRM) surged 15% in pre-market trading as the company's earnings report exceeded expectations.

  1. The Federal Reserve's preferred inflation indicator is here! Market sentiment is about to change.

At 8:30 PM tonight, the U.S. will release the Personal Consumption Expenditures (PCE) price index for July. The market expects the core PCE price index for July to increase by 0.3% month-on-month, with the year-on-year growth accelerating from 2.8% to 2.9%.

Analysts point out that any downside surprise in the core PCE data could increase bets on a Federal Reserve rate cut, which would weaken the dollar and boost gold prices; conversely, a positive surprise could pressure gold prices.

  1. Bitcoin and Ethereum plummet! 130,000 people liquidated.

Today, the cryptocurrency market experienced a correction. As of the time of writing, Bitcoin (BTC) fell by 2.57%, trading at $109,692. Ethereum (ETH) dropped by 3.85%, trading at $4,338.

According to Coinglass data, in the past 24 hours, a total of 126,000 people were liquidated globally, with a total liquidation amount of $410 million, of which long positions accounted for $350 million.

  1. Gold surpasses $3,400, institutions generally optimistic about the future market.

Gold has once again surpassed the $3,400 mark, trading at $3,408 per ounce as of the time of writing. Fidelity International believes that the likelihood of stagflation in the U.S. is high, and investors have no reason to reduce their gold positions.

Bank of America pointed out that declining interest rates and a weakening dollar will support rising gold prices. The long-term target price for gold is set at $4,000 per ounce.

  1. S&P 500 index hits a new historical high, institutions warn of correction risks.

The S&P 500 index broke through 6,500 points, setting a new historical high. From the beginning of 2025 to now, the S&P 500 index has accumulated a rise of over 10%.

However, historical data shows that U.S. stocks typically perform poorly in September. Goldman Sachs traders warn that due to seasonal factors, liquidity, and concerns in the labor market, the U.S. stock market may experience a pullback in September

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