U.S. Stock Market Rises Amid Optimism Over U.S.-China Trade Agreement
The U.S. stock market experienced a widespread surge yesterday (June 10), driven by optimism regarding the U.S.-China trade agreement and heightened attention on the upcoming CPI data. The S&P 500 index rose for the third consecutive day, now just 1.7% shy of its historical high. Technology stocks and related semiconductor stocks performed exceptionally well, with TSMC ADR climbing by 2.64%. Meanwhile, new negotiations between the U.S. and China commenced in London, with Commerce Secretary Howard Lutnick stating that progress was “going quite smoothly.” Bitcoin increased by approximately 0.22% from the previous day; however, Ethereum outperformed with a notable increase of about 3.91%, reaching a peak of $2,833.
U.S.-China London Negotiations Progress Smoothly, CPI Data Remains Market Focus
U.S. Commerce Secretary Howard Lutnick indicated that the U.S.-China talks were “going quite smoothly” and expressed hope that an agreement could be finalized by Tuesday evening (June 10), with a fallback to Wednesday if necessary. Lutnick further hinted that recent U.S. restrictions on high-tech product exports to China might be alleviated following China’s release of rare earth materials. The market is also anticipating that both sides can reach a consensus on key export issues such as “tariff reductions” and “rare earth materials.”
Advertisements – Please scroll down for more content
U.S. Consumer Price Index (CPI) Set to Be Released This Wednesday (June 11)
The U.S. Consumer Price Index (CPI) will be released this Wednesday (June 11), with market expectations for the year-on-year increase to rise from 2.3% to 2.5%. This increase is primarily attributed to the Trump administration’s import tariff policies, which may push prices higher. Citigroup also predicts that the Federal Reserve will remain inactive during its June and July meetings, with the earliest rate cut expected in September.
U.S.-China Trade Talks Reach New Framework Agreement
The ongoing conflict between Elon Musk and Trump continues, as Tesla sees three consecutive days of gains. Previously, Tesla founder Elon Musk and Trump engaged in a public dispute over the contents of the One Big Beautiful Bill Act, with even Vice President JD Vance stepping in to mediate and hope for reconciliation. Musk announced on Twitter (X) that the first Tesla self-driving car will be delivered directly to customers from the production line on June 28. Data from the Austin Transportation Department in Texas indicates that Tesla has officially been classified as a known autonomous vehicle operator, currently in the testing phase. Meanwhile, Tesla’s stock has surged 5.67% over three days, closing at $326.09.
Musk Critiques Trump’s Tax Cuts as Distasteful, Ongoing Opposition within the Republican Party
Bitcoin Retracts to $109K, Ethereum Surges to $2,833 Due to ETF
After breaking through the $110K threshold yesterday, Bitcoin (BTC) has slightly retreated to the $108K – $109K range, while Ethereum (ETH) exhibited outstanding performance. According to on-chain analyst Trader T, net inflows for U.S. Ethereum spot ETFs reached $124.01 million, marking the highest trading volume in four months, leading Ethereum (ETH) to temporarily rise to $2,833. Below are the net inflows for several major Ethereum ETFs:
- BlackRock ETHA: Net inflow of $79.67 million.
- Fidelity FETH: Net inflow of $26.32 million.
- Bitwise ETHW: Net inflow of $8.35 million.
- Grayscale ETH: Net inflow of $9.67 million.
Risk Warning
Investing in cryptocurrencies carries a high level of risk, and their prices may be highly volatile, potentially resulting in a total loss of capital. Please assess the risks carefully.