Stocks Sink as Fed Clouds Gather Before Data Storm: Markets Wrap

Heavy selling resumed on Wall Street, halting a weeklong respite spurred by the US government reopening, as hawkish statements from Federal Reserve officials ahead of a deluge of economic data spurred traders to dump risky assets from tech stocks to crypto.

With optimism about the shutdown’s resolution 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. It was the third time in two weeks the S&P 500 fell more than 1%. Bitcoin sank below $100,000 and is down over 20% ...