On the second day of the U.S. government shutdown, Wall Street remains largely subdued, with indexes showing only slight midday declines after touching fresh record highs at the open.
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Wall Street kicked off the week with modest gains in technology and growth names, while small caps and blue chips stalled as investors braced for a flood of economic data, culminating on Friday with the September labor market report.
With no full-year budget or stopgap funding deal in place, the U.S. government could shut down at 12:01 a.m. ET on October 1—but if you think the stock market is bracing for chaos, think again.
Another week has flown by, and it’s time to catch up on the latest news from the tech and stock markets. Here’s a quick recap of the major stories from the weekend.
Wall Street moved modestly higher by midday Friday, yet major indexes remain on pace to break a three-week winning streak. At midday, the S&P 500 was up 0.4% to 6,630, while the Nasdaq 100 gained 0.2% to 24,440. The Russell 2000, the benchmark small-cap index, rebounded 0.5%.
The Federal Reserve's preferred inflation gauge showed no signs of cooling in August, remaining stubbornly high and reigniting questions over whether the market’s aggressive rate-cut bets are truly justified.
