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1h ago

Tech Rout Deepens as Rate-Cut Hopes Fade, Data Gaps Shake Markets

Fresh doubts over a December Fed cut, compounded by missing official data from the shutdown, are driving investors out of richly valued AI megacaps.

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A man walks on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., April 7, 2025. REUTERS/Brendan McDermid//File Photo
A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 10, 2025. REUTERS/Brendan McDermid/File Photo
The tech-heavy Nasdaq Composite is on track for its first losing month since March.

Overview

  • U.S. futures fell after the S&P 500 and Dow dropped 1.7% and the Nasdaq slid 2.3% on Thursday, extending a tech-led pullback.
  • CME FedWatch now puts the chance of a December quarter-point cut near 50%, down sharply from about two-thirds last week and roughly 95% a month ago.
  • Policymakers including Neel Kashkari, Alberto Musalem and Beth Hammack signaled caution about more easing, keeping investors on edge ahead of fresh Fed remarks.
  • The White House said October economic data were permanently impaired by the shutdown, with officials noting the household survey was not conducted and the unemployment rate may not be published.
  • Risk aversion spread beyond equities as bitcoin fell to roughly $96,000, and Applied Materials flagged weaker China equipment spending with an estimated $600 million revenue hit in fiscal 2026.