Dow, S&P 500, Nasdaq Rise; Government Shutdown; Nvidia, Tesla, SoFi, Plug Power and More Movers
The stock market on Thursday edged up as the three major U.S. indexes hit some of their highest levels on record.
The Nasdaq Composite was up 0.4% and on track for its 30th closing high of 2025. The S&P 500, which was up 0.2%, can also mark its 30th closing high if it closes up on the day. The Dow was up 135 points, or 0.3%, after closing at a record on Wednesday.
Crypto and semiconductor stocks were leading the S&P 500; tech and materials were the only major sectors rising in the index.
The yield on the 2-year Treasury note was up to 3.56%. The 10-year yield was down to 4.09%.
The economic calendar was already light on Thursday, but the shutdown cleared what little government data investors would have seen today.
“Past shutdowns haven’t hurt stocks much, but a prolonged standoff could add stress to an already cooling jobs market by imperiling the positions of up to 750,000 federal employees,” writes Joe Mazzola, head trading and derivatives strategist at Charles Schwab. “Firings or furloughs would mean short-term household finances get squeezed, reducing discretionary spending and retail sales.”
Though Mazzola believes the closure could also amplify market volatility, the CBOE Volatility Index was still subdued at a 16.60 reading. A reading below 20 is a sign of calm in markets.
