U.S. stocks closed modestly higher on Monday, Sept. 29, with the S&P 500 gaining about 0.3%, the Nasdaq composite rising 0.5% and the Dow Jones Industrial Average edging up 0.1%.
China’s official manufacturing PMI came in at 49.8 for September — slightly above estimates of 49.6 — signaling a smaller contraction in activity.
Natural gas futures jumped to around $3.27 per one million British thermal unit on expectations of stronger seasonal demand heading into colder weather, while crude oil prices fell roughly $2 as traders anticipated increased supply from the Organization of the Petroleum Exporting Countries, OPEC+.
On Tuesday, U.S. stocks closed higher: the S&P gained 0.4%, Nasdaq 0.6% and Dow 0.2%. Investors felt a bit more upbeat after news of President Donald Trump’s proposed $500 million Harvard deal to fund artificial intelligence trade schools, signaling potential long-term investment in the U.S. technology and education sectors.
Nike’s revenue came in strong-than-expected at $11.5 billion, up 1% year-over-year, and rising sales added to the upbeat tone.
On Wednesday, the S&P 500 reached a new high after rising 0.3%; the NASDAQ gained 0.4% and the Dow added about 0.1%. The ADP report showed private payrolls fell by 32,000 in September, a weaker-than-expected signal for the labor market.
The government officially shut down after Congress failed to pass a funding bill by the Sept. 30 deadline. As a result, federal agencies began furloughing non-essential workers without pay, essential services continued temporarily unpaid and key data releases are likely to be delayed.
U.S. stocks rose again on Thursday, with the S&P 500 up about 0.3%, the Nasdaq gaining 0.4% and the Dow adding 0.1% to fresh highs. Crude oil slid roughly to $60.86 as traders priced in tighter Russian supply and ongoing geopolitical risks, lifting crude off recent lows.
The two-year Treasury yield eased as investors priced in softer rate expectations. In Taiwan, Asia rejected a U.S. proposal for a 50-50 split of semiconductor production, which further drove up TSMC shares to hit an all-time high.
On Friday, the S&P 500 ticked up modestly 0.1% to a record close, while the Dow jumped 0.5 % and the Nasdaq slid 0.3 % amid tech weakness. Crude oil rebounded on expectations that OPEC+, led by Saudi Arabia and Russia, may again raise output.
Meanwhile, the 10-year U.S. Treasury yield rose to about 4.12 %. No U.S. payroll report was released Friday due to the government shutdown, which has delayed major economic data releases, adding to market uncertainty.
If the shutdown continues, it could potentially postpone the release of other data, including the next inflation report scheduled for Oct. 15.
