U.S. Stocks Hit New Highs, Bitcoin Surges Toward $90,000, Gold Drops 2.5%

On November 11, 2024, U.S. stocks continued their upward momentum, with the Dow Jones rising 0.69% to 44,293.69 points, marking its first time surpassing the 44,000 mark. The S&P 500 increased by 0.1%, reaching a record high of 6,001.35 points, while the Nasdaq Composite remained relatively flat at 19,298.76 points.

In the cryptocurrency market, Bitcoin surged to nearly $90,000 overnight before retracing back to around $88,000. Investors remain hopeful that Bitcoin could reach $100,000 before the end of 2024.

The U.S. Treasury bond yields retreated to 4.322%, while the Dollar Index rose by 0.5%, reaching 105.5.

Gold prices suffered a significant drop of 2.5%, falling below $2,620 per ounce. Spot gold dropped 2.5% to $2,617.96 per ounce, and gold futures fell by 2.9% to $2,617.70 per ounce.

In commodity markets, Brent crude oil declined by 2.76%, closing at $71.83 per barrel, while WTI crude fell 3.32% to $68.04 per barrel. According to Bank of America, non-OPEC oil supply is expected to rise by 1.4 million barrels per day in 2025 and 900,000 barrels per day in 2026.

In metals, silver futures for December 2024 saw significant selling, dropping to $30.613 per troy ounce. January 2025 platinum futures also fell by 1%, closing at $969.5 per troy ounce. Similarly, December 2024 copper futures dropped by 2% to $4.2285 per troy ounce.

From a technical perspective, copper futures for December 2024 have broken below the upward trend channel support around $4.20, indicating increased selling pressure that could push prices lower. The market continues to be weighed down by concerns over weak Chinese economic stimulus measures and a stronger USD, both of which have dampened recovery prospects for copper prices.

Source: SFVN (Compiled)