Stock Rotation Hits Big Tech as Fed Clouds Gather: Markets Wrap

Wall Street traders bracing for an economic data deluge after the US shutdown ended drove stocks and bonds lower on concern over whether the reports will be able to clear the path for a Federal Reserve rate cut.

With optimism about the government reopening priced in, concern about valuations emerged, prompting a selloff in high-flying tech giants. Under the surface, some market observers pointed to a rotation into more defensive names. Among benchmarks, the Dow Jones Industrial Average was down only about half as much as the Nasdaq 100 Thursday. Bitcoin sank below $100,000.

Wall Street braces for data deluge.

Photographer: Al Drago/Bloomberg

President Donald Trump signed legislation ...