Global Selloff Deepens; Bitcoin Sinks to Seven-Month Low Ahead of Key US Events – Asia Market Wrap
Stocks retreated and Bitcoin tumbled to its weakest level in seven months as traders pulled back from risk ahead of a critical stretch featuring Nvidia’s results and the long-delayed US employment report.
Global equities slipped toward a one-month low, while Asia’s benchmark dropped 2.1%, falling through its 50-day moving average for the first time since April — a break many technical analysts view as a warning sign. The risk-off mood intensified after Bitcoin slid under $90,000.
Futures tracking the S&P 500, Nasdaq 100 and major European indices all pointed to further declines. Investors sought safety in bonds, pushing the 10-year Treasury yield down three basis points to around 4.11%. The move reflected mounting unease over stretched valuations in the AI complex, with Nvidia’s Wednesday earnings expected to set the tone for technology shares. Market focus will then swing to Thursday’s delayed September jobs data, which could help clarify how the Federal Reserve is thinking about rates.
US chart-watchers are sounding more cautious as the selloff gathers pace. Monday’s drop extended the S&P 500’s slide from its late-October record to 3.2%, and the benchmark ended the session below its 50-day moving average for the first time in 139 trading days — bringing an unusually long streak to an end and raising fears that a deeper pullback of 10% or more could follow.
Elsewhere, the dollar held its recent gains. Gold slipped for a fourth consecutive session and hovered just above $4,000 an ounce as expectations for a near-term Fed rate cut continued to fade — typically a headwind for the non-yielding metal.
