Overview

• The S&P 500 edged up less than 0.1% to a third straight record close and the Dow added 0.5%, while the Nasdaq fell 0.3% after a volatile session.
• Leadership stayed concentrated in chip makers and AI‑infrastructure names, even as Applied Materials said fiscal 2026 revenue could be $600 million lower, pressuring parts of tech.
• The government shutdown postponed the September jobs report and other releases, and the ISM services employment index signaled a fourth month of contraction.
• Dallas Fed’s Lorie Logan and Chicago Fed’s Austan Goolsbee urged caution on rapid easing, yet futures markets still price a quarter‑point cut in October and high odds of another move in December.
• Options activity hit a new daily record for U.S. equity and index call volumes, the Russell 2000 set a record high, and USA Rare Earth jumped after its CEO cited close communication with the White House.