Overview
- President Donald Trump signed legislation to end the 43‑day federal shutdown, reopening agencies that will resume releasing delayed statistics, though the White House says October jobs and CPI figures may never be produced.
- Odds of a December Federal Reserve cut have fallen to roughly half from higher levels last week, reflecting mixed private surveys and divided Fed commentary as officials prepare to assess an incomplete data slate.
- U.S. stocks turned lower after the Dow notched back‑to‑back records, with the Nasdaq down more than 1% as investors rotated away from high‑valuation AI and tech names toward more defensive sectors.
- Company moves underscored the rotation, with Cisco rising after lifting its outlook and Disney sliding following quarterly results, while traders highlighted Nvidia’s upcoming earnings as a key test for AI sentiment.
- Global cross‑currents persisted as the yen hovered near 155 per dollar with Tokyo warning on disorderly moves, European shares eased from early highs, and oil prices partially rebounded after steep losses tied to oversupply forecasts by OPEC and the IEA.