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1h ago

AI Surge Lifts Stocks to Records as U.S. Shutdown Stalls Economic Data

A data blackout from the funding lapse leaves the Fed with fewer signals before its late-October rate decision.

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A trader looks at the electronic board on the floor of the Philippine Stock Exchange at the end of the trading day in Makati City, metro Manila November 12, 2007. REUTERS/Darren Whiteside
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Overview

  • All three major U.S. indexes closed at all-time highs, led by semiconductor gains after OpenAI signed preliminary chip-supply agreements with Samsung and SK Hynix for its Stargate project.
  • The shutdown pushed back the weekly jobless claims release and the September payrolls report, creating an information gap heading into the Oct. 28–29 Fed meeting.
  • Private indicators pointed to cooling employment as ADP reported an unexpected September job decline, while swaps markets priced a near-certain 25 basis-point Fed rate cut this month.
  • Chip strength rippled globally with European and Asian tech shares rallying, even as early safe-haven moves saw lower Treasury yields and record gold prices reported earlier in the week.
  • Intel’s rally lifted the value of the U.S. government’s 10% stake to roughly $16 billion, and Berkshire Hathaway agreed to buy Occidental’s OxyChem unit for $9.7 billion in cash.