Wall Street equities opened higher, but stumbled into negative territory soon thereafter, with some seeing signs of a fatigued market after a heady run.

“The momentum is beginning to dry up,” said FHN Financial’s Chris Low. “It just feels to me like this is primarily profit-taking, we need another catalyst.”

All three major indices finished the day lower, with the S&P 500 down 0.4%.

In Europe, the Paris stock market edged back up after a sell-off, even as President Emmanuel Macron faced a call from his first prime minister, Edouard Philippe, to resign over a deepening political and budget crisis.

London and Frankfurt also ended broadly stable, but the euro fell further against the dollar.

Philippe, who aspires to become president, urged Macron to call for an early presidential election.

Spot gold prices came within US$10 of hitting US$4,000 per ounce as futures markets topped the benchmark.

“Gold has benefited from multiple catalysts this year, including tariff uncertainty, stubborn inflation, and a falling US dollar,” said analyst Bret Kenwell at eToro.

“Uncertainty around the government shutdown and prospects of lower interest rates have only seemed to fan the flames of this year’s rally,” he added.

The US government shutdown stretched into a seventh day, with Republicans and Democrats appearing no closer to an agreement.

Bets on the Federal Reserve cutting interest rates this month and the political crisis in France are adding to the allure of gold, a safe-haven asset.

In Asia, Tokyo eked out another record following the weekend election of a pro-stimulus advocate to lead Japan’s ruling party, before paring gains to close flat.

The election of Sanae Takaichi – expected to become Japan’s prime minister this month – ramped up optimism that she will kick-start the economy through stimulus measures.

Yields on 30-year Japanese bonds hit their highest level, reflecting fears the country’s already colossal debt will balloon further.

Among individual companies, Tesla slid 4.5% after the company unveiled revamped versions at modestly lower price points. Analysts expressed disappointment that the pricing cut was not more significant in light of the demise of a federal tax credit.

Ford tumbled 6.1% following a fire in an Oswego, New York, aluminum plant that is expected to reduce supplies to the auto giant for months.