U.S. government reopening priced into markets. Traders treated the House vote on funding as a formality and moved on. That matters now because the immediate political risk has receded. In the short term markets can focus on tech sector swings and a backlog of delayed economic data. Over the long term the episode highlights how politics, policy and corporate funding needs interact with investor momentum. Globally this removes one U.S. tail risk for Europe, Asia and emerging markets. It also exposes regional sensitivities from yen weakness in Tokyo to stronger Swiss franc moves in Europe. Compared with past shutdown scares this one is already reflected in prices and the next tests will be data and corporate news.
What the reopening means for today’s session
Markets priced the reopening into asset prices before the House vote. That has pushed attention toward fresh market drivers. Treasury funding flows will return to normal and a $42 billion 10 year note sale is on the calendar to absorb investor focus. Treasury markets reopen with yields relatively contained ahead of that auction. Political headline risk is lower for now, but timing matters. The vote clears a procedural hurdle through January. That reduces immediate fiscal uncertainty but leaves open questions about funding beyond that date.
With the shutdown prospect diminished, investors are weighing a pile of delayed economic data. Weekly ADP payroll updates showed private employers shed an average of 11,250 jobs per week through October. That figure keeps the market conversation on Fed policy alive. Futures still price roughly a two thirds chance of another rate cut in December. Fed speakers scheduled for the day include board doves Christopher Waller and Stephen Miran. Their remarks could reinforce or cool investor expectations for easing.
Tech turbulence is reshaping risk appetite
Technology stocks underperformed in the prior session. Data center problems sent CoreWeave down about 16 percent and that rattled investor confidence in the group. At the same time a large stake sale by SoftBank Group Corp TSE:9984 in Nvidia NASDAQ:NVDA weighed on the market. Nvidia fell more than 2 percent after the sale. The moves exposed the funding strains behind aggressive private sector bets on generative AI.
SoftBank flagged big commitments tied to OpenAI and other deals. Those include a $22.5 billion follow on investment in OpenAI, a $6.5 billion acquisition of Ampere and a $5 billion purchase of the robotics unit of ABB NYSE:ABB. The scale of that spending compared with reported cash balances influenced investor sentiment about conglomerate exposure to tech bets. Momentum has been the dominant market story of 2025 and tech slippage tests how persistent that momentum can be.
Global currency flows and regional market reactions
Currency moves are already playing a central role in regional performance. The yen slid to a nine month low near 154.9 per dollar after Prime Minister Sanae Takaichi urged the Bank of Japan to avoid overtightening. Finance Minister Satsuki Katayama warned about rapid one sided movements in the currency. Traders expect intervention only if the yen approaches 160 but the move contributed to volatility in Tokyo where SoftBank shares fell as much as 10 percent.
The dollar was flatter against the euro and other major currencies. The Swiss franc pushed higher on reports that U.S. tariffs on Swiss imports might be cut to 15 percent from 39 percent. Europe has been a relative outperformer this year in dollar terms. The STOXX 600 is on track for gains more than twice those of the S&P 500. That outperformance has been helped by currency moves. The longer term test for European markets will be whether the region can foster a deeper emerging tech ecosystem to justify higher valuations without relying on exchange rate effects.
Data, events and market mechanics to watch for the session
Investors face a heavy calendar that could set the next directional cues. The U.S. House vote on restoring agency funding is scheduled for the afternoon. A slate of central bank and Fed affiliated speakers will be on the diary including New York Fed President John Williams and several regional Fed presidents. Treasury Secretary Scott Bessent will speak at the joint Fed Treasury conference and his comments on market functioning and liquidity may draw attention.
On the data front Canada reports September building permits and the U.S. sees a refreshed stream of delayed releases. Corporate earnings include Cisco Systems NASDAQ:CSCO and TransDigm NYSE:TDG. Market participants will also note a planned private White House dinner with top executives including the chief executives of Nasdaq NASDAQ:NDAQ and JPMorgan Chase NYSE:JPM. That event is a reminder of the close attention between business leaders and policy makers as funding and regulatory topics are discussed behind closed doors.
Operationally, investors will watch the U.S. 10 year auction for demand signals. If demand softens it could lift yields and reshape intraday equity flows. Conversely a strong bid would support risk appetite. The interplay between macro data, central bank commentary and tech earnings will determine whether momentum remains concentrated in a few large names or broadens across sectors.
How to read today’s market mix
The immediate takeaway is simple. One headline risk has been absorbed. That allows markets to test other narratives. Tech funding strains, weak payroll trends in ADP data and active central bank commentary are the main elements that will influence market positioning today. Europe and Asia each bring their own catalysts. The yen move and Swiss franc reaction are reminders that policy signalling in one region can have outsized market consequences elsewhere.
For traders and analysts the session will be about parsing the news flow. Auction results, Fed commentary and corporate reports will each offer pieces of the puzzle. The longer term implication from the past two weeks is that market momentum remains powerful. Whether that momentum broadens beyond a handful of winners will depend on the combination of economic data and corporate earnings that are now finally coming through after the backlog caused by the shutdown.
