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35m ago

Shutdown Begins as Markets Lean Into Fed Cuts; Tech and Gold Lead Rally

Investors pivot to private readings during a federal data blackout.

U.S. Dollar banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration
Image
A man walks on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., April 7, 2025. REUTERS/Brendan McDermid/File Photo
An investor monitors share market prices at a brokerage firm in Kuala Lumpur, Malaysia, August 24, 2015. REUTERS/Olivia Harris/File Photo

Overview

  • Federal agencies began a partial shutdown just after midnight, halting non‑essential operations and putting key releases like Friday’s U.S. jobs report on hold.
  • ADP data showed a 32,000 drop in private payrolls for September, pushing traders to price in quarter‑point Federal Reserve cuts at both remaining meetings this year.
  • U.S. stocks closed at fresh highs and Asian markets jumped, with chipmakers surging after preliminary supply agreements between Samsung, SK Hynix and OpenAI, while gold hovered near record levels as yields fell.
  • Cryptocurrencies advanced, with bitcoin near $118,700, even as the pause in staffing is expected to stall SEC and CFTC reviews and delay timelines for crypto‑related ETFs.
  • The U.S. Supreme Court will hear in January the case over President Trump’s attempt to remove Fed Governor Lisa Cook, keeping her in office for now.