Overview
- At 10:10 a.m. ET, the Dow fell 266.67 points, the S&P 500 lost 37.16 points, and the Nasdaq dropped 214.51 points.
- Apple, Microsoft, and Nvidia declined as the information technology sector slipped 1.2%.
- DoorDash sank 16% on a profit miss, Datadog surged 19% after raising guidance, and Elf Beauty tumbled 32%; Moderna rose 3.5% while Qualcomm eased and DraftKings gained on an ESPN partnership report.
- The U.S. formalized reciprocal tariff-rate changes with China one day after the Supreme Court questioned the legality of certain duties.
- With official data delayed by the ongoing shutdown, the Fed is relying on mixed private indicators as Challenger reported the highest October layoffs in 22 years and Revelio showed job losses that contrasted with a strong ADP reading.