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Tech Selloff Drags SPY, QQQ Lower as Rate Cut Expectations Diminish
Tech Selloff Drags SPY, QQQ Lower as Rate Cut Expectations Diminish
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BTCCSquare news:
Major equity ETFs stumbled as technology stocks extended losses ahead of Nvidia's earnings report. The S&P 500 ETF (SPY) and Nasdaq 100 ETF (QQQ) both closed lower, with Nvidia dropping 1.88% pre-earnings. Apple, Palantir, and Salesforce mirrored the sector-wide decline.
Market focus shifts to Thursday's labor data release, which will inform the Fed's December rate decision. Private sector reports already signal weakening employment conditions—October layoffs hit a 22-year high according to Challenger data.
Odds for a December rate cut have plunged to 42.9% from 93.7% a month ago, as Fed officials advocate gradual easing to combat persistent inflation. Vice Chair Philip Jefferson's recent remarks reinforced this cautious approach.
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