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2h ago

U.S. Stocks Notch Records as Shutdown Delays Jobs Data

AI chip momentum outweighs a shutdown-driven data blackout.

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
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Overview

  • The Labor Department paused releases including the September nonfarm payrolls report, extending a data blackout during the ongoing government shutdown.
  • Swaps markets fully priced a 25 basis-point Federal Reserve cut for the Oct. 28–29 meeting, while 10-year Treasury yields eased.
  • Tech led gains after OpenAI announced Stargate partnerships with Samsung Electronics and SK Hynix, lifting chipmakers such as Nvidia and AMD and fueling global semiconductor strength.
  • Berkshire Hathaway agreed to buy Occidental Petroleum’s OxyChem unit for $9.7 billion in cash, with Occidental shares falling and Berkshire edging lower.
  • Cross-asset signals were mixed, with the dollar slipping to recent lows and gold hitting a record, as Applied Materials warned new U.S. export rules will trim revenue.