Morning Bid: Fed under pressure as layoffs mount

Global markets are experiencing significant volatility as a U.S. government shutdown delays the official non-farm payrolls report, leaving investors to rely on private data showing a surge in layoffs. A report from Challenger, Gray & Christmas indicated that January layoffs reached their highest level for that month in 17 years. This economic stress has led to a global selloff in stocks, with the Korean KOSPI triggering a trading halt after a 5% dive. Traders are increasingly betting on a Federal Reserve rate cut in March, with the CME FedWatch tool showing a rise in probability for a 25-basis-point reduction. Additionally, major tech firms like Amazon are seeing sharp declines following projections of increased capital expenditure, while the cryptocurrency and commodities markets show mixed signals after recent plunges.