Dow, S&P 500 String Together ‘Perfect Week;’ Nasdaq Dips; Shutdown Delays Jobs Report; Tesla, Nvidia, and More Movers
The S&P 500 barely dodged the slide in tech stocks, pushing its winning streak to six straight days.
The market benchmark rose just slightly, based on preliminary figures. The Dow rose 239 points, or 0.5%. Both indexes marked fresh closing highs and have risen for six straight trading days. The Nasdaq dropped 0.3% to snap its five-day streak.
“October is traditionally a very tough month for stocks BUT Oct 2025 is off to a very bullish start,” writes Mizuho’s Daniel O’Regan. “The S&P hasn’t had a perfect week (5 days of gains) since early July.”
The yield on the 2-year Treasury note ticked up to 3.57%, while the 10-year yield was down to 4.12%.
Wall Street continued to shrug off the government shutdown, which entered a third day on Friday. The big three indexes actually set record intraday highs before a pullback in some highflying tech stocks like Palantir and Tesla weighed on the S&P 500 and Nasdaq.
The shutdown has meant a pause in government data releases, including the September nonfarm payrolls report. ADP’s private payrolls report earlier this week showed the U.S. economy lost 32,000 private sector jobs in September, though traders generally focus on the numbers from the Labor Department.
Instead, the big data release of the day was the Institute for Supply Management’s services sector survey, which fell to a 50 reading compared to expectations it would hold steady at 52. Any reading below 50 is a contraction, while a reading above that number is an expansion.
“The ISM PMIs show the economy was nearly stagnant in September and that employment likely edged lower in the month,” writes Bill Adams, chief economist at Comerica Bank. “A majority of respondents to both the ISM Manufacturing and Service PMI surveys trimmed headcount in September.”
Odds of an October rate cut were at 95.7%, while odds of a half-point in cuts through December were at 85.1%, according to the CME FedWatch Tool.
