Overview
- The Dow fell nearly 800 points, the S&P 500 lost about 1.7% and the Nasdaq dropped 2.3%, marking the worst day for major indexes in about a month.
- CME FedWatch showed trader odds for a December rate cut falling to roughly a coin flip as Treasury yields ticked higher, with the 2‑year near 3.60% and the 10‑year around 4.11%.
- Losses concentrated in AI and large-cap tech after reports that SoftBank exited its Nvidia stake, pressuring Nvidia and other chip and cloud names as investors rotated toward value and defensives.
- The 43‑day U.S. government shutdown ended, yet officials warned key October indicators may be incomplete, including the unemployment rate that relies on a missed household survey.
- Volatility spread overseas, with Asia-Pacific indexes sliding on Friday, including Japan’s Nikkei down about 1.8% and South Korea’s Kospi off roughly 2.3%.