Finance

Better-than-expected economic indicators backfired on investor sentiment as the preliminary September S&P Global composite PMI surged to 58.4, its highest level since July 2021. The expansionary data alongside hawkish commentary from central bank officials triggered a wave of selling across the fixed-income sector, heightening expectations that the Federal Reserve will raise interest rates multiple times before the end of the year.

Digital assets experienced notable downward pressure as rising bond yields and growing hawkish expectations dimmed the appeal of speculative instruments. Bitcoin fell below the $83,000 threshold after opening above $84,370, reversing the previous day's run to eight-month highs. Major altcoins including Ethereum, XRP, and Dogecoin mirrored this retreat, posting significant single-day losses amid heightened selling volume.

Crude oil markets witnessed intense volatility, with front-month Brent contracts rising 3.4% to settle at $106.60 a barrel due to ongoing tensions in the Middle East and surrounding maritime corridors. The resurgence of energy costs above the $100 benchmark added an extra layer of structural inflation worry for Wall Street, further complicating the near-term outlook for global equity valuations.