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Wall Street Slips From Records as Powell Offers No New Rate Guidance

With official indicators delayed by the shutdown, traders look to Fed commentary alongside early earnings for direction.

Overview

  • After the S&P 500 and Nasdaq set all-time closing highs on Oct. 8, major indexes edged lower Thursday as investors digested Chair Jerome Powell’s remarks that offered no fresh policy signals.
  • Minutes from the Fed’s September meeting showed a divided committee, with most policymakers seeing scope to ease later this year but leaving timing and pace uncertain.
  • The ongoing government shutdown has halted key economic reports, pushing markets to track speeches from Fed officials and initial corporate results for real-time cues.
  • AI and chipmakers remain key drivers, with recent gains in Nvidia and AMD sustaining tech leadership even as broader trading turned choppier on Thursday.
  • Gold held above $4,000 an ounce despite a modest pullback, oil prices eased after a reported initial Gaza peace step, and U.S. crude inventories rose by about 3.7 million barrels last week; Delta and PepsiCo beat expectations, boosting airlines.