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1h ago

Stocks Notch New Records as AI and Chip Gains Outrun U.S. Data Shutdown

Investors increasingly expect an October Fed rate cut because the shutdown has halted key data.

FILE - The New York Stock Exchange, Tuesday, Jan. 28, 2025, in New York. (AP Photo/Julia Demaree Nikhinson, File)
FILE PHOTO: 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/File Photo
A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., April 4, 2024. REUTERS/Andrew Kelly/File Photo
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Overview

  • The S&P 500, Dow and Nasdaq closed at all-time highs on Thursday, and U.S. stock futures pointed higher early Friday.
  • A third day of the government shutdown has delayed weekly jobless claims and the September payrolls report, leaving the Fed with fewer inputs ahead of the Oct. 28–29 meeting.
  • Market pricing shows near-certain odds of a rate cut this month, with softer private labor indicators reinforcing the shift in expectations.
  • Chip and AI-exposed stocks led gains after OpenAI announced Stargate partnerships in South Korea, lifting names like Nvidia, AMD and Intel, though Applied Materials warned new U.S. export rules will cut revenue.
  • Treasury Secretary Scott Bessent warned of hits to growth, and the CBO estimated about 750,000 daily furloughs, as data showed institutions selling into retail buying that some strategists view as a sign of fragility.