Show Notes
US stocks extend their slide for a fourth straight session as both the S&P 500 (^GSPC) and Nasdaq (^IXIC) close below their 50-day moving averages — a technical breakdown that triggered algorithmic selling across major indices. The weakness mirrors global markets, with Tokyo and Seoul each down 3%. Bitcoin (BTC-USD) briefly fell below $90,000 for the first time in seven months, officially wiping out its year-to-date gains and dragging crypto-linked stocks and ETFs lower.
Home Depot (HD) cut its full-year profit forecast after missing earnings for the third straight quarter, citing weak housing turnover, cautious consumers, and home improvement demand that “never materialized” during Q3. Shares fell more than 3% as the retailer now expects adjusted earnings to decline about 5% for the year. The results arrive ahead of key retail reports from Lowe’s (LOW), Target (TGT), and Walmart (WMT) later this week.
Early economic data from ADP showed private-sector job losses for two consecutive weeks, while delayed government numbers continue to trickle out post-shutdown — including initial jobless claims that remain historically low. Meanwhile, the White House prepares to welcome Saudi Crown Prince Mohammed bin Salman for a high-profile visit expected to produce multi-billion-dollar agreements across AI infrastructure, defense, energy, and critical minerals.
Takeaways:
S&P 500 and Nasdaq break below 50-day moving averages, triggering algorithmic selling
Bitcoin drops under $90K, erasing all 2025 gains; crypto stocks slide in sympathy
Home Depot cuts guidance as housing softness and consumer caution hit results
ADP shows two weeks of job losses; government data returning slowly after shutdown
Saudi Crown Prince meets President Trump as US–Saudi economic and defense ties deepen
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