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1h ago

Stocks Hit New Highs as Shutdown Extends and AI Surge Lifts Tech

Traders now price a near‑certain October rate cut following a shutdown‑driven data blackout.

FILE - The New York Stock Exchange, Tuesday, Jan. 28, 2025, in New York. (AP Photo/Julia Demaree Nikhinson, File)
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FILE - A sign outside the New York Stock Exchange marks the intersection of Wall and Broad Streets, Tuesday, Jan. 28, 2025, in New York. (AP Photo/Julia Demaree Nikhinson, File)

Overview

  • The government funding lapse is set to enter a third day Friday, delaying weekly jobless claims and the September nonfarm payrolls report; a Senate vote on a stopgap is expected Friday.
  • The S&P 500, Dow and Nasdaq closed at record highs, with gains concentrated in technology and semiconductor shares.
  • OpenAI announced partnerships with Samsung and SK Hynix for its Stargate AI infrastructure project, boosting chip stocks in the U.S. and Asia.
  • Interest‑rate swaps imply a 25 basis‑point Federal Reserve cut at the Oct. 28–29 meeting as private labor readings weaken and official data are paused.
  • Policy and labor risks increased as the CBO projected roughly 750,000 federal furloughs per day and President Donald Trump threatened mass layoffs, while Berkshire Hathaway agreed to buy Occidental’s OxyChem for $9.7 billion in cash.