Powell believes rates remain restrictive even after last week's reduction, suggesting inflation is on a path toward the Fed's 2% target. The release of October's CPI inflation report and October's Producer Price Index (PPI) report will also impact the market.

Crypto market capitalization has climbed to its highest level since mid-March, reaching $2.88 trillion. Bitcoin hit an all-time high of $81,800 and remains over $80,500, indicating momentum could continue.