October 8, 2025 — Global markets showed a rare “split within safe-haven assets” yesterday, as gold extended its strong rally to surpass $4,010 per ounce for the first time, while silver and Bitcoin both retreated. U.S. equities turned lower, weighed down by weakness in tech stocks. The market narrative continued to revolve around the “Fed policy outlook” and “U.S. government shutdown risk,” with investors repositioning amid a data vacuum.

U.S. Equities: Tech Stocks Lead Decline, S&P 500 Ends Seven-Day Winning Streak

The S&P 500 fell 0.3%, snapping a seven-session winning streak; the Nasdaq dropped 0.6%, and the Dow Jones slipped 0.2%.

Chipmakers led the losses, with the Philadelphia Semiconductor Index down over 2%. Nvidia reversed early gains, and Oracle plunged 7% on concerns over financial pressure.

AMD bucked the trend, rising more than 4% as optimism over its 6GW computing power supply deal with OpenAI continued to boost sentiment.

Dell rose 6% early in the session after raising its four-year earnings guidance, but pared gains in the afternoon.

Key Drivers:

Policy uncertainty: The U.S. government shutdown entered its 7th day, and the absence of key economic data fueled volatility.

Sector-specific risk: Reports that Oracle faces cash flow strain due to renting Nvidia chips weighed on tech sector sentiment.

Precious Metals: Gold Shines as Silver Retreats

New York gold futures climbed nearly 1% to as high as $4,014.6 per ounce, marking a second consecutive record close.

Spot gold approached $3,990, up more than 50% year-to-date.

Silver futures fell nearly 3% to $47.02 per ounce, and spot silver lost more than 2%, ending an eight-week winning streak.

Key Drivers:

Sustained safe-haven demand: With the U.S. government impasse unresolved, markets still price in a 96% probability of a Fed rate cut in October.

Technical divergence: Gold broke out from a long-term consolidation pattern, with the next target near $4,100; silver’s short-term overbought condition triggered profit-taking.

Cryptocurrency: Bitcoin Pulls Back as Risk Appetite Fades

Bitcoin fell more than 4%, hitting a low of $121,000 — more than $5,000 below Monday’s record high. Ethereum also slipped over 3%.

Key Drivers:

Risk aversion spillover: Weakness in tech stocks spread to high-risk assets, while regulatory uncertainty (e.g., SEC scrutiny over stablecoins) added pressure.

Technical correction: Bitcoin’s rapid recent gains prompted some investors to rotate into traditional safe-haven assets such as gold.

FX & Commodities: Dollar Steadies, Oil Trades in a Narrow Range

The U.S. Dollar Index inched up to 98.15, while the euro fell to 1.1710 against the dollar.

WTI crude settled at $61.70 per barrel, and Brent crude at $65.50. Expectations of a modest OPEC+ production increase offset concerns over slowing demand.

If the U.S. government shutdown continues, delays in the EIA’s inventory report could heighten short-term oil price volatility.

Today’s focus

U.S. government shutdown developments: If no deal is reached, delayed federal paychecks could further weigh on consumer sentiment.

Fed speakers: Atlanta Fed President Bostic and Minneapolis Fed President Kashkari are scheduled to speak — markets will watch for their views on balancing inflation and employment.

ECB meeting minutes: Investors will look for confirmation of dovish signals from the September decision and potential impact on the euro.

U.S. jobless claims: Any delay in data release may force markets to rely on private-sector surveys such as ADP.

Asia markets: Mainland China, Hong Kong, and Taiwan remain closed for National Day holidays, leading to thin liquidity during the Asia session.