Main US indexes slide; Nasdaq ends down >2%
Cons Disc weakest S&P 500 sector; Energy sole gainer
Dollar, gold down; bitcoin off >3%; crude up slightly
US 10-year Treasury yield rises to ~4.12%
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INVESTORS SAY GOODBYE TO THE SHUTDOWN BY SLAMMING THE DOOR ON STOCKS
Wall Street tumbled on Thursday, with steep losses in AI and tech-related heavyweights, as investors scaled back expectations of interest rate cuts due to inflation worries and divisions among central bankers about the U.S. economy's health.
The U.S. government r eopened after a record 43-day shutdown that had worried investors and disrupted the flow of economic data.
In any event, a growing number of Federal Reserve policymakers in recent days have signaled hesitation about further interest rate cuts, pushing financial market-based odds of a reduction in borrowing costs in December to near even.
The main U.S. indexes ended sharply lower with the Dow .DJI and S&P 500 .SPX both sliding more than 1.5%. The Nasdaq .IXIC lost more than 2%.
Nearly all S&P 500 sectors ended in the red with Consumer Discretionary .SPLRCD and Tech .SPLRCT, both down more than 2% each, taking the biggest hits. Only Energy .SPNY managed to eke out a gain.
Big banks .SPXBK, Mag 7 names MAGS.K, gold stocks .HUI, small caps .RUT and chips .SOX were especially weak. The SOX lost more than 3.5%.
On the charts, the Nasdaq, which ended at 22,870.36, just barely survived a test of its rising 50-day moving average $(DMA)$, which finished at 22,811. The tech-laden index hit an intraday low of 22,796.07 before bouncing. The IXIC last closed below its 50-DMA on April 30.
The SPX, which ended at 6,737.49, is also threatening its 50-DMA, which ended at 6,699. It's now been 137 straight trading days since the benchmark index last finished below it (also on April 30), which is its longest such streak since a 149-trading-day run from July 2006 to February 2007.
Meanwhile, amid building uncertainty, the Cboe Volatility Index .VIX, at just over 20.00, is on pace for its highest close since October 17.
Here is a snapshot of where markets stood just shortly after 4 p.m. ET:
(Terence Gabriel)
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EARLIER ON LIVE MARKETS:
RETAIL SALES ON TRACK FOR OCTOBER CLICK HERE
CFRA SEES THE BULL MARKET CONTINUING TO RUN IN 2026, BUT NOT WITHOUT HEADWINDS CLICK HERE
US STOCKS RETREAT IN EARLY TRADE CLICK HERE
MILEI VICTORY OPENS DOOR TO FLEXIBLE REGIME FOR PESO -GOLDMAN CLICK HERE
BENCHMARK TREASURY YIELD RISES AS MARKETS AWAIT DATA CLICK HERE
70% GAIN FOR SOUTH KOREAN INDEX, BUT CITI EXPECTS MORE CLICK HERE
LUXURY: Q3 GREEN SHOTS EXTEND TO OCTOBER - BOFA CLICK HERE
TRADE DIVERSIFICATION IS HARDER THAN YOU THINK CLICK HERE
STOXX NUDGES UP TO NEW RECORD CLICK HERE
BEFORE THE BELL: CISCO POPS, EUROPE UP, FTSE NEARS 10K CLICK HERE
DEAL AFTER DINNER AS TRUMP SIGNS END TO SHUTDOWN CLICK HERE
Closer11132025 https://fingfx.thomsonreuters.com/gfx/buzz/gdpzjwqyxpw/Closer11132025.png
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
