Renewed Rate Hike Expectations Deal a Blow to US Stocks and Crypto; Nasdaq Ends Four-Day Winning Streak, Bitcoin Falls Below $85,000

BlockBeats news, September 24th, last night and this morning, unexpectedly strong PMI data caused market bets on the Federal Reserve maintaining a longer tightening stance to heat up sharply, compounded by factors such as uncertainty in the US-Iran situation, leading to broad declines in US stocks and crypto. The three major US stock indices: the Dow initially closed down 0.68%, the S&P 500 fell 0.75%, and the Nasdaq dropped 1.1%.

According to BIT (bit.com) market data, among star stocks, SK Hynix fell 3%, Meta rose 1%, and Amazon fell 2%.

Among crypto stocks, Securitize, benefiting from the SEC's stock token exemption policy, once again surged against the trend by 10.46%, while other crypto treasury companies experienced declines of varying degrees, with MSTR down 3.07%, BMNR down 4.52%, and BNC down 3.63%.

PMI data on Wednesday far exceeded expectations, hitting the fastest expansion pace since 2021. As a result, the 10-year US Treasury yield rose 14 basis points in a single day, breaking through the 5.00% threshold; the 5-year yield intraday rose to its highest level since 2007, while the 30-year yield climbed to its peak since 2004. The interest rate swap market has fully priced in expectations for three rate hikes over the next year, with some hedge positions even reflecting the possibility of a fourth hike.

Additionally, according to HTX market data, Bitcoin accelerated its sharp decline after the US stock market opened yesterday, briefly falling below $84,000 before consolidating sideways, now reported at $84,417.10.