By skyforbes 
U.S. stocks rebounded and closed higher on Wednesday, with the market focusing on the Supreme Court’s hearing of Trump’s tariff case and the ADP employment report. The Federal Reserve (Fed) indicated there is still room for rate cuts. The Dow Jones Industrial Average rose over 225 points, marking the largest single-day gain for the three major indexes since late October. AMD led the gains, driving strength in AI concept stocks. The cryptocurrency market rose 2.8% over the past 24 hours, with Bitcoin slightly rebounding to 103K and Ethereum recovering to $3,406.
Labor Market Warms Up, Fed Dovish on Further Rate Cuts
The U.S. ADP reported 42,000 new private sector jobs in October, far exceeding market estimates of 28,000, representing the largest increase since July this year and indicating that corporate hiring activity has begun to warm up. However, due to the U.S. government shutdown causing interruptions in official statistics, this private data has become a key reference for the market and may influence the Federal Reserve’s (Fed) interest rate assessment.
Fed Governor Milan stated that inflation is lower than expected, the labor market remains stable, and continued rate cuts are still a reasonable direction, showing a clear dovish stance.
Supreme Court Hears Trump’s Tariff Case, Testing Presidential Trade Authority
The U.S. Supreme Court held arguments on Wednesday regarding the high tariffs implemented during Trump’s administration, with the focus on whether the president has excessively expanded executive authority in trade decisions. Several conservative justices raised questions to Trump’s legal team, leading to widespread expectations that Trump’s chances of winning are low. The court is expected to issue a ruling in a few weeks, which could have a significant impact on future presidents’ exercise of foreign trade authority.
AMD Leads AI Sector Gains, Tech Stocks Warm Up Across the Board
AI concept stocks strengthened across the board, with AMD leading the charge and heating up the tech sector atmosphere. The five major tech giants also generally rose.
Overall, the AI sector rebounded strongly, and the tech stock sentiment clearly warmed up.
Crypto Market Halts Decline and Rebounds, Bitcoin and Ethereum See Small Recoveries
Although Bitcoin fell to 98K over the past 24 hours, dragging other cryptocurrencies down with it and causing market sentiment to dip into a low, with the Fear and Greed Index dropping to an extreme fear level of 20. However, as of today, the index has recovered to 24, and the overall cryptocurrency market cap has rebounded by about 2.8%, indicating that market sentiment is gradually stabilizing.
Bitcoin has also rebounded from 98K to 103K, and Ethereum has recovered from yesterday’s low of $3,165 to the current $3,406. This may be due to the market’s belief that the Fed is unlikely to raise rates again in the short term, leading funds to flow back into risk assets.
Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.