Closing Bell: Record Highs Hold Despite Data Void and Shutdown
S&P and Dow notch records as data blackout pushes focus onto Fed signals and earnings news.
Closing Snapshot
S&P 500: 6,715.79 (UP 0.1%)
Dow Jones: 46,758.28 (UP 0.5%)
Nasdaq Composite: 22,780.51 (DOWN 0.3%)
Russell 2000: 2,475.94 (UP 0.7%)
Summary
Stocks finished Friday with a mixed tone as the S&P 500 and Dow closed at record highs while the Nasdaq slipped modestly. The third day of the government shutdown kept the September jobs report and other data out of reach, forcing markets to lean on sector rotation and corporate headlines. Gains in defensives and select cyclicals offset softer trading in big tech, while small caps extended their recent run.
Stocks on the Move (by Sector)
Technology
Apple (AAPL) dipped after earnings, with iPhone sales underwhelming despite services strength.
Tesla (TSLA) edged lower as margins tightened, though deliveries came in above expectations.
Meta (META) lost ground despite better ad revenue, as spending guidance weighed.
Healthcare
Pfizer (PFE) and Amgen (AMGN) gained, benefitting from defensive flows.
Biotech names saw selective strength on M&A chatter.
Energy
Occidental Petroleum (OXY) remained weak following its OxyChem sale news earlier in the week.
Generally, oil stocks underperformed as crude prices slipped.
Consumer
Starbucks (SBUX) extended gains on restructuring optimism.
Retailers were mixed ahead of upcoming earnings season.
Industrials
Caterpillar (CAT) ticked higher on infrastructure optimism.
Boeing (BA) softened on supply chain updates.
Macro Backdrop
The shutdown data blackout loomed large, with no payrolls release, investors are hesitant to make big moves. The void heightened focus on the Fed’s commentary. Yields held steady after easing earlier in the week, while oil’s continued slide underscored global growth anxiety. Investors showed willingness to allocate outside of tech, but gains were selective and uneven.
Key Takeaways
Record highs in S&P 500 and Dow underscored resilience despite missing data.
Tech lagged after a week of heavy earnings, leaving leadership to defensives and small caps.
Healthcare provided ballast as investors sought stability.
Energy stocks stayed under pressure as crude slid further.
The shutdown shifted focus away from macro releases toward Fed commentary and corporate earnings.
What to Watch Next Week
Monday:
ISM Services PMI (Oct.)
Why It Matters - Key read on consumer and business activity with government data still delayed.
Tuesday:
Fed Chair Powell speaks
Why It Matters - Remarks will be parsed closely with limited official economic releases.
Thursday:
Weekly Jobless Claims
Why It Matters - One of the few labor indicators still being reported during the shutdown.
Friday:
Major Banks Report Q3 Earnings (JPM, BofA, Citi)
Why It Matters - Kickoff of bank earnings will set the tone for Q3 reporting season.
Closing Thoughts
Markets closed the week on record highs, but with leadership shifting away from tech, investors will enter next week balancing optimism on equities with uncertainty around Washington and the economy.
Enjoy the weekend! We will see you on Monday.
