U.S. Stocks, Oil, and Cryptos Plunge as Treasuries and Gold Surge

Market Overview

Last Friday, risk aversion surged sharply after former President Trump hinted at a potential new round of tariffs, triggering a broad sell-off across global markets. U.S. equities suffered their steepest single-day decline in six months, echoing the market turmoil seen in April.

The S&P 500 and Nasdaq Composite both slumped around 3%, while the Dow Jones Industrial Average logged its fifth consecutive loss. The semiconductor sector led the downturn, plunging over 6%, and the China ADR Index tumbled more than 6% as well.

Safe-haven assets rallied in response. The U.S. 10-year Treasury yield fell over 10 basis points, gold futures surged nearly 2%, and the Japanese yen strengthened more than 1% against the dollar. The U.S. Dollar Index weakened, while growth-sensitive commodities such as crude oil and copper both dropped over 5%.

The crypto market faced a brutal sell-off, with Bitcoin plunging more than 10% and Ethereum sliding over 20% during the post-market session.

Hot Topics Ahead“Historic” Liquidation Event in Crypto Markets

According to Coinglass data, total liquidations across global crypto exchanges reached $19.14 billion in the past 24 hours — the largest forced liquidation wave since early April. A total of 1,621,284 traders were liquidated, with long positions accounting for $16.69 billion and shorts for $2.46 billion.

The largest single liquidation occurred on Hyperliquids ETH/USDT pair, valued at $203 million.

Goldman Sachs Expects Rise in U.S. Jobless Claims

Due to the ongoing U.S. federal government shutdown, the Department of Labor has not released its weekly initial jobless claims report for the second consecutive week. However, data from most states remain downloadable, allowing for an approximate national estimate.

Goldman Sachs economists extrapolated figures for Hawaii and Massachusetts and assumed parity with the most recent official data. They estimate that continuing claims rose slightly from 1.91 million to 1.92 million for the week ending September 27.

Key Focus

00:10 (GMT+8) – Speech by FOMC 2026 voting member and Philadelphia Fed President Patrick Harker