Veterans Day stock market trading was relatively subdued, even though the S&P500 eked out a modest gain and the Dow Jones Industrial Average clocked a new record high.
Unusually, the tech sector underperformed and the Nasdaq ended in the red - unnerved by CoreWeave's 16% slide on data center flubs and as SoftBank's sale of its stake in Nvidia knocked back the world's most valuable company by more than 2%.
SoftBank's shares slid as much as 10% in Tokyo on Wednesday as Nvidia highlighted the scale of the funding demands it faces to bankroll an "all-in" bet on ChatGPT-creator OpenAI.
And Japan was volatile for other reasons - with the yen sliding to a nine-month low of 154.9 per dollar after new Prime Minister Sanae Takaichi once again urged the Bank of Japan not to be overzealous in raising interest rates.
The yen move was arrested somewhat by comments from Finance Minister Satsuki Katayama, who warned about the negative effects of "one-sided and rapid movements" in the currency. Currency traders doubt intervention alarm bells will ring before the yen hits 160 - but that level is fast approaching.
Asian and European shares were higher and Wall Street stock futures in positive territory ahead of Wednesday's bell, however.
The prospect of a reopening of the federal government came against another set of mixed signals on the U.S. economy, with weekly updates of ADP's preliminary payroll figures showing private sector employers shed an average of 11,250 jobs a week through October.
That cosseted persistent speculation the Fed will cut interest rates again next month, with futures clinging to a two-thirds chance of another move in December despite clear disquiet in some parts of the central bank about further easing.
A slew of Fed officials are on Wednesday's speaking diary, including resident board doves Christopher Waller and Stephen Miran. Treasury Secretary Scott Bessent is also due to address a joint Fed-Treasury conference later in the day.
After Tuesday's holiday, Treasury markets reopen with yields under wraps ahead of today's 10-year note auction.
President Donald Trump is expected to host a private dinner at the White House with several top business executives, including the chief executives of Nasdaq and JPMorgan Chase.
Aside from its move against the yen, the dollar was flatter against the euro and other currencies on Wednesday. The Swiss franc continued to push higher on reports that U.S. tariffs on Swiss imports will be slashed to 15% from 39%.
Britain's pound and government bond prices weakened in tandem, meanwhile, on overnight reports that Prime Minister Keir Starmer may face a leadership challenge from within his own Labour Party. Health minister Wes Streeting denied he was plotting to bring down Starmer after unnamed allies of the prime minister claimed a leadership bid could come after this month's critical government budget.
