The cryptocurrency market has lost $1.2 trillion in value over the past six weeks amid concerns about tech valuations and US interest rates. The value of more than 18,000 coins tracked by CoinGecko is down 25% since Oct. 6, with Bitcoin down more than 28%.

US Treasury yields declined for a second day as traders increased bets on Federal Reserve rate cuts ahead of new labor data from ADP, while market volatility climbed to a two-month high. The 10-year yield slipped to 4.11% and money markets now assign roughly a 45% chance of a December cut, with swaps fully pricing three reductions through 2026 as delayed government data begins to reemerge.

Federal Reserve Governor Christopher Waller has expressed support for another interest rate cut at the Federal Open Market Committee meeting in December, citing concerns about labor market weakening and slowing hiring. Waller, who has spoken in favor of cuts in recent months, says he is not worried about rising inflation and that a rate cut would be "risk management" to prevent further labor market deterioration.

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President Trump told McDonald's franchisees at an event they were "lucky" he won in 2024, arguing the economy would have been worse otherwise, even as inflation remains at 3% and monthly job growth has fallen below 30,000. The remarks come amid rising GOP backlash over economic performance and significant layoffs expected from major employers.

Financial markets experienced a broad sell-off Monday, with the Dow Jones Industrial Average having its worst three-day stretch since 2018. The sell-off was driven by investor concerns ahead of key events, including Nvidia's earnings report and delayed jobs data. Tech stocks, cryptocurrencies and gold all declined, with notable drops in companies such as Apple and Meta.

US initial jobless claims reached 232,000 in the week ending Oct. 18, according to Labor Department data published through its online database during the government shutdown. Continuing claims edged up to 1.96 million as economists relied on state-level filings and seasonal factors to estimate labor-market conditions while major federal reports remain delayed.

White House economic adviser Kevin Hassett noted that the job market is currently sending mixed signals. While he highlighted strong performance in output markets, Hassett pointed out that indicators from the labor market are less clear, suggesting uncertainty about future employment trends. "I think that there could be a little bit of almost quiet time in the labor market because firms are finding the AI is making their workers so productive that they don't necessarily have to hire the new kids out of college," Hassett said.