The sell-off in US tech stocks intensified, and expectations of interest rate cuts triggered market panic.

According to ChainCatcher, citing Jinshi, the sell-off in US stocks, led by technology stocks, deepened on Friday, with major benchmark indices breaking through support levels as market concerns intensified that the Federal Reserve might not cut interest rates at its next meeting. The S&P 500 opened 0.8% lower, continuing the plunge in technology stocks and breaking below its 50-day moving average. The Nasdaq 100 opened down 1%, and the Dow Jones Industrial Average fell 1.1%. The Chicago Board Options Exchange Volatility Index (VIX) climbed above 22. Brian Jacobsen, chief economic strategist at Annex Wealth, stated that market concerns about the Fed pausing its operations in December replaced concerns about a prolonged government shutdown.