US and global markets moved lower as investors assessed a growing data backlog caused by the recently resolved government shutdown. Stocks, bonds, and major asset classes saw broad declines while traders monitored shifting expectations for a potential Federal Reserve rate cut in December. Concerns about missing economic indicators continued to weigh on risk appetite as key inflation and labor market readings remain unavailable.
US stocks fell sharply in morning trading. The S&P 500 dropped 1.3% by late morning in New York. The NASDAQ 100 slid 1.7%, while the Dow Jones Industrial Average declined 1%. European equities also weakened, with the Stoxx Europe 600 down 0.6%. A global equity pullback pushed the MSCI World Index down 1%.
A retreat in large-cap technology names added pressure. The Bloomberg Magnificent 7 Total Return Index sank 2.4%, and the Russell 2000 Index fell 1.8%. Investors adjusted positions ahead of the next Fed meeting, where uncertainty over the path of interest rates remains elevated.
Bond markets reflected cautious sentiment. The 10-year Treasury yield moved up to 4.10%, and yields climbed across the curve. Investors priced in near-even chances of a rate cut in December. Germany’s 10-year yield rose to 2.69%, while the UK’s 10-year yield advanced to 4.44%.
Federal Reserve officials signaled mixed views on the coming policy decision. Chair Jerome Powell noted that a December cut remains uncertain. Cleveland Fed President Beth Hammack emphasized the need to restore price stability as the labor market eases. San Francisco Fed President Mary Daly said policymakers need more information before deciding on the next step.
Several analysts said the shutdown will continue to affect data collection for weeks. Survey-based readings missed during the closure require time to gather and analyze. Some field-collected indicators, such as consumer prices, cannot be reconstructed. Traders expect the data void to persist through November, raising the possibility of sentiment-driven market swings.
Equity strategists reported signs of rotation out of high-growth technology shares and into defensive or value-oriented sectors. Some highlighted increased insider selling within major tech firms, which often signals caution. Analysts at Bloomberg Intelligence said strong revenue growth supported the sector’s earlier rally, but current valuations now sit above historical norms.
Currency markets showed modest moves. The Bloomberg Dollar Spot Index slipped 0.3%. The euro gained 0.4% to $1.1645, while the British pound advanced 0.5% to $1.3203. The Japanese yen strengthened to 154.29 per dollar.
Cryptocurrencies traded lower. Bitcoin declined 1% to $100,920.76. Ether dropped 2.3% to $3,343.51. Commodity markets reflected a mixed tone. West Texas Intermediate crude rose 0.8% to $58.98 per barrel. Spot gold showed little change as traders awaited fresh economic indicators.
US equities opened lower again as tech stocks led declines. Walt Disney Co. posted the weakest performance in the S&P 500 after reporting disappointing quarterly revenue.
Cisco raised its 2026 outlook as AI-related demand strengthened.
Google faced an EU investigation over alleged unfair news search practices.
Tencent reached a payments agreement with Apple and reported a 15% revenue rise.
Alibaba prepared an update to its AI app to compete with leading global models.
Baidu launched an upgraded version of its flagship AI technology.
Verizon planned job reductions under its new CEO.
Disney projected heavier film-related expenses early next year.
Pfizer sought to sell its remaining stake in BioNTech.
Uber expanded its reserved-ride option to ski destinations.
Starbucks workers organized a nationwide walkout.
Overall, markets remain on edge as investors navigate limited economic data and shifting rate expectations. The recent tech-led declines emphasize caution ahead of key Fed decisions.