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Bitcoin drops below 60K! Dow Jones Industrial Average rises, Nvidia falls over 6% to regain the third spot in market value.

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Bitcoin drops below 60K! Dow Jones Industrial Average rises, Nvidia falls over 6% to regain the third spot in market value.

In the U.S. stock market on Monday, as investors shifted their focus from large tech stocks to other industries including banks and energy, the Dow Jones Industrial Average rose. This rotation led to a 328-point increase in the Dow index, up 0.8%. Meanwhile, the S&P 500 index rose 0.3%, while the tech-heavy Nasdaq Composite index fell 0.3%.

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Performance by Sector

Information technology was the only sector that declined today, down by 0.8%. In contrast, energy, finance, and utilities all rose by over 1%. Dow Jones Index members such as JPMorgan Chase, Goldman Sachs, and Exxon Mobil all saw gains of over 1%.

Nvidia Falls Back to Third in Market Value

Nvidia experienced a significant drop on Monday, falling by 5%, following a 4% decline last week, ending an eight-week streak of gains. This sell-off occurred after Nvidia briefly surpassed Microsoft to become the highest-valued company in the U.S. Nevertheless, Nvidia's stock price has still risen by approximately 150% this year, making it the second-best performing company in the S&P 500 Index. Analysts believe that Nvidia's pullback is healthy.

AI Boosting Market Sentiment

This year, due to the enthusiasm for artificial intelligence, overall market sentiment has significantly improved, helping the S&P 500 Index rise by nearly 15% this year and achieve 31 record closing highs.

Economic Data Release This Week: PCE

Important inflation data for this week, especially the Personal Consumption Expenditures (PCE) data for May, which is the Federal Reserve's preferred inflation gauge. These data will be released on Friday and may provide further insights into the economic outlook.

Hot Stock Market, Lackluster Crypto Market

The U.S. stock indices have reached historic highs, but the cryptocurrency market is facing a downturn as Bitcoin drops below 60K, ETH falls below 3300, and altcoins are generally experiencing sharp declines due to a lack of new topics and liquidity.