S&P 500 Futures, Bitcoin Fall — Live Updates

Tesla shares dropped 3% in premarket trading, while chip stocks Nvidia, Micron, Intel and AMD all fell at least 1%. Nasdaq-100 futures led modest losses among contracts tied to major indexes. Overseas stocks declined, and bitcoin slipped further below $100,000.

Relief over the end of the government shutdown has given way to concerns about lofty tech valuations and whether the Federal Reserve will slow its interest-rate cuts.

Futures pricing now shows a roughly 50% chance the Fed eases policy next month, down from 67% a week ago and 95% a month ago, according to CME data. Traders are bracing for the possibility that rate-cut expectations could shift sharply as economic data that was delayed during the shutdown is released.

The Cboe Volatility Index—also known as the VIX, or Wall Street’s fear gauge—climbed above 21. Readings above 20 typically indicate heightened investor unease.

U.K. government bonds and the pound fell after media reports that the government plans to abandon plans to raise tax rates.

Stocks dropped in China. Data pointed to weakness across investment, consumption and retail sales.