Overview

• The standoff between President Donald Trump and congressional leaders has raised the likelihood of a federal shutdown starting October 1, with Vice President J. D. Vance urging preparation.
• U.S. employment reports could be delayed if the government shuts down, potentially clouding inputs for the Federal Reserve’s late-October meeting.
• Shortly after the open, the Dow edged up about 0.02% while the S&P 500 and Nasdaq fell 0.11% and 0.31%, respectively.
• Despite early choppiness, the major indexes were on track to close September with gains supported by technology strength and recent rate easing.
• New U.S. tariffs on wood products were reported, including 25% on finished goods and 10% on raw lumber, with a 15% cap for Europe and Japan.