U.S. equities traded lower, weighed down by another tech-sector pullback. Investors remain cautious with PMI data in focus and lingering uncertainty following the recent end of the U.S. federal shutdown.

Index Performance (as of 19:00)

• S&P 500: -0.5%
• Nasdaq: -0.9%
• Dow Jones: -0.2%

Tech and communication services were the weakest performers, dragged down by declines in major names including Nvidia and Alphabet. Meanwhile, value-oriented and defensive sectors held up better as the market continued its rotation away from growth stocks.

Key Drivers of Today’s Market

• Tech weakness continues: Mega-cap tech stocks extended their pullback, with Nvidia and Alphabet leading the declines.
• Post-shutdown uncertainty: Despite the federal government reopening, investors are still navigating data gaps and the unclear path for future Federal Reserve decisions.
• Cautious macro sentiment: PMI data and moderating Treasury yields contributed to the defensive tone.

Notable Movers

• Nvidia (NVDA): Down roughly 3.8% as AI-related shares faced renewed selling pressure.
• Cisco Systems (CSCO): Up about 4.5% after raising its full-year outlook, making it one of the best performers in the Dow.

Market Wrap

Today’s action highlighted the ongoing rotation from high-growth tech into value and cyclicals. With sentiment fragile and macro uncertainty lingering, markets remain reactive ahead of new economic data.

Looking Ahead (Tomorrow)

• 8:00 AM ET — Mary Daly (San Francisco Fed) speaks
• 8:30 AM ET — Weekly unemployment claims

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