Dow Jones & S&P 500 Slip More Than 1%, Focus on US Data Releases as Rate Cut Bets Tumble

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Wall Street struggled in early trade on Thursday, with the main indexes such as the S&P 500 and Down Jones both sliding more than 1%.

This may be a surprise to many given the fact that US President Donald Trump signed a bill ending the longest US Government Shutdown ever. However, the White House comments hint at the possibility that some data gaps are to be permanent and that employment and Consumer Price Index reports for October might never be released.

This has no doubt spooked markets with the probability for a December rate cut also dropping below the 50% mark as a result. A sign of the nervousness present in the market.and could be the reason sentiment has taken a bit of a hit.

Technology and communication stocks were the main reason the market went down. Big companies like Nvidia and Alphabet (Google) saw their stock prices fall, and a popular tech fund called the Magnificent Seven ETF also dropped.

However, it wasn't bad news for everyone; Cisco Systems' stock went up after the company announced it expects to make more money than planned this year.

In general, investors have been selling expensive technology and AI stocks recently, and using that money to buy stocks in "safer" areas like healthcare. This trend has helped the Dow Jones index reach new record high prices.

But, the Dow was also held back by Walt Disney, whose stock dropped sharply because it's signaling a long fight with YouTube TV over carrying its TV channels

S&P 500 Heatmap

Market participants will now wait for more information on when US data and what US data will be released. If the jobs data and CPI data for October is not released, this could add to market uncertainty and leave sentiment fearful.

Markets have been watching ADP private payrolls data of late which showed that private employers shed over 11,000 jobs a week through late October and Indeed Hiring Lab showed a 16% drop in retail-related job postings in October from a year ago, pointing to continued weakness in the labor market.

Despite this several Federal Reserve policymakers have expressed uncertainty about a December rate cut. Comments from policymakers will be eyed later in the day and weeks ahead for more clues.

From a technical perspective, The Dow Jones Index four-hour chart and the price action remains bullish.

The previous swing low rests at 47413 which rests just below a confluence area which hosts the 50 and 100-day MA around the 47500 handle.

If we get a four-hour candle close below the 47413 handle that would be a change in structure and the probability of a deeper correction will grow.

Dow Jones Daily Chart, November 13, 2025

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