In what appears to be a “buy the rumor, sell the news event,” the S&P 500 (SPX) is down by over 1% after President Trump signed a bill on Wednesday evening that reopened the government and extended federal funding through January 30.
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Technology stocks have largely contributed to the downside in the benchmark index, with Nvidia (NVDA), Palantir (PLTR), Broadcom (AVGO), and Tesla (TSLA) all deep in the red.
Economic Uncertainty Rises as ‘Extreme Fear’ Returns
Uncertainty about the economy is running high as October’s inflation and labor market data remain backlogged at the Labor Department due to the government shutdown. National Economic Council Director Kevin Hassett said this morning that September’s jobs report could be released by next week, while October’s report will exclude the unemployment rate.
CNN’s Fear and Greed Index, which measures market sentiment based on factors like options activity, junk bond demand, and breadth in the New York Stock Exchange (NYSE), has fallen back to “extreme fear” territory after recovering from the zone last week. That comes amid heightened volatility, with the Volatility Index up by 19% today.
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