On 9 November 2025, global equity markets extended a pull-back phase with the S&P 500 down 2.4% over the last eight sessions, driven by concerns surrounding U.S. labour data, peak technology valuations and the government shutdown.  

While markets remain structurally bullish, strategists cautioned that the latest move represents profit-taking rather than a deeper trend reversal. 

Short-term volatility is likely as investors weigh macro data and earnings ahead of the U.S. inflation release.