The VanEck Morningstar Wide Moat ETF (MOAT) is down 0.17% in pre-market hours on Tuesday, November 26, falling to $98.56 as of 8:29 AM ET. The underlying assets are experiencing pressure due to a shift in risk sentiment, as evidenced by significant declines in major tech stocks like Nvidia and Tesla, which fell 4.2% and 4% respectively. This has contributed to a broader market pullback, exacerbated by concerns over lofty valuations and a less dovish Federal Reserve. Additionally, geopolitical risks, particularly those associated with potential policy changes under Trump's administration, are adding to market volatility. These factors are creating a challenging environment for stocks with wide economic moats, as investors reassess risk and valuation metrics.