Wall Street optimistically believes that artificial intelligence will continue to drive profit growth for the world's largest tech companies and is betting on interest rate cuts by the Federal Reserve. The Nasdaq Composite and Dow Jones Industrial Average not only set new closing highs but also reached intraday historical highs alongside the S&P 500 Index. The cryptocurrency market fell by 1.19% in the past 24 hours, with Bitcoin (BTC) dropping to 112K and Ethereum (ETH) falling below the $4,000 mark once again. Solana (BSOL), Hedera (HBR), and Litecoin (LTCC) ETFs exhibited a typical profit-taking pattern after listing in the US.

Trump's Asia Trip Yields Abundant Results, Market Optimistic About Xi-Trump Meeting

US President Trump's Asia trip has yielded abundant results, as he reached a framework agreement on rare earth supplies with Japan's new Prime Minister Sanae Takaichi, aimed at reducing global dependence on China's rare earths. The yen rebounded after leaders from the US and Japan pledged to deepen security ties and following verbal interventions by officials, ending a seven-day decline.

The Wall Street Journal reported that if Beijing cracks down on exports of chemicals used in fentanyl production, the US will cancel some tariffs. Trump is expected to meet with Chinese President Xi Jinping on Thursday, and optimism surrounding a US-China agreement has pushed copper prices close to historical highs, while gold prices retreated from recent peaks.

According to a US official, the Trump administration also plans to sign an agreement with South Korea aimed at strengthening cooperation in artificial intelligence, quantum computing, and 6G fields, as part of maintaining a competitive edge against China in the increasingly intense tech hegemony competition.

Federal Reserve to Announce Interest Rate Decision, Market Focuses on Powell's Speech

The Federal Reserve has begun a two-day meeting, and market expectations for Fed rate cuts have also boosted sentiment, with traders betting that the Fed could end its quantitative tightening policy as soon as this month.

The market widely expects another 25 basis point rate cut, bringing the federal benchmark rate to the 3.75% to 4.00% range. Investors are more focused on Federal Reserve Chair Jerome Powell's remarks at the post-meeting press conference, which will be held at 2:30 AM Beijing time on October 30.

Altcoin ETFs Listed, Profit-Taking Leads to Selling Pressure

The cryptocurrency market fell by 1.19% in the past 24 hours, with Bitcoin dropping to 112K and Ethereum falling below the $4,000 mark once again.

Solana (BSOL), Hedera (HBR), and Litecoin (LTCC) ETFs exhibited a typical profit-taking pattern after listing in the US. SOL, HBAR, and LTC also declined.

BSOL: Down 3.58%, trading volume $57.9 million

HBR: Down 6.32%, trading volume $8.63 million

LTCC: Down 4.81%, trading volume $13.8 million

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