Tesla shares dropped 4% in premarket trading, while chip stocks including Nvidia, Micron and AMD skidded. Nasdaq-100 futures led losses among contracts tied to major indexes. Overseas stocks declined and Bitcoin slipped further below $100,000.
Relief over the end of the government shutdown has given way to concerns about lofty tech valuations and whether the Federal Reserve will slow interest-rate cuts.
Futures pricing shows a roughly 50% chance the Fed eases policy next month, down from 67% a week ago and 95% a month ago, according to CME data. The Cboe Volatility Index—also known as the VIX, or Wall Street’s fear gauge—climbed above 22.
U.K. government bonds and the pound fell after media reports that the government plans to abandon plans to raise tax rates.
Oil futures rallied after media reports that a Ukrainian drone hit Russia’s largest Black Sea port.
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