Overview
- U.S. stocks fell sharply Monday, with the Dow down about 1.2% and both the S&P 500 and Nasdaq closing below their 50-day moving averages for the first time since late April.
- Risk-off sentiment spread overseas as Asian markets tracked Wall Street lower, with Tokyo and Seoul sliding more than 3% and Europe’s benchmarks also retreating.
- Bitcoin hovered around $91,000–$92,000 after a steep six-week drop of more than 25%, erasing its year-to-date gains alongside broader de-risking.
- Investors are bracing for Nvidia’s earnings on Wednesday and a long-delayed September U.S. jobs report on Thursday, with CME FedWatch showing roughly a 40%–45% chance of a December rate cut.
- AI valuation worries intensified following reports that Peter Thiel’s hedge fund exited its Nvidia stake, while breadth weakened and tech downgrades added to pressure on high-flying names.