4:10pm: US stocks shrug off government shutdown concerns
Major US stock indices finished the day at record highs as an OpenAI stock sale fueled a rally in AI names.
The Nasdaq rose 0.4%, while the Dow was up 0.2%, and the S&P 500 was essentially flat.
The AI stock rally seemed to be sparked by an employee share sale at OpenAI, which would value the company at $500 billion.
Nvidia shares also reached a new, all-time high, up nearly 1% on the session.
3:10pm: Proactive news headlines
- American Resources Corp (NASDAQ:AREC) provided an update on the initial scale-up of its ReElement Technologies subsidiary’s Marion, Indiana Supersite.
- Blockmate Ventures Inc (TSX-V:MATE, OTCQB:MATEF) announced that its investee company Hivello Holdings has listed its native $HVLO token on global cryptocurrency exchange BingX.
- Sonoro Gold Corp (TSX-V:SGO, OTCQB:SMOFF) has locked in $3 million in fresh capital as it looks to push forward development of its flagship gold project in northern Mexico.
1:10pm: AI trade lifts tech stocks
Major US stock indices were mixed midday as Treasury Secretary Scott Bessent told CNBC that economic growth may “see a hit” from the government shutdown.
The Nasdaq rose 0.2%, while the S&P 500 and the Dow were essentially flat.
Notable stock movers included shares of Nvidia, which added more than 1% to hit a new all-time high.
As well, Starbucks shares gained nearly 3% after the company raised its dividend payout.
9.55am: S&P and Nasdaq extend intraday highs
US stocks have started on the front foot, with the Dow Jones climbing 0.3%, the S&P 500 rising 0.1% and the Nasdaq up 0.2%.
Leading the way is the domestically focused small and mid-cap Russell 2000, up 0.4%.
Top of the S&P is credit scoring specialist Fair Isaac Corp, surging 22% after it unveiled new pricing models that will allow mortgage lenders to calculate and distribute FICO scores directly to borrowers.
Behind it, is bourbon maker Brown-Forman, which has lunched a $400 mllion share buyback.
Others on the rise are Albemarle Corp, and Coinbase Global.
The Nasadq leaderboard is topped by MicroStrategy, as bitcoin rises 2.5% to $119,713.
Next are ASML Holding and PayPal Holdings.
8am: Wall Street might be a mixed bag
Wall Street's stocks are predicted to be a mixed bag at Thursday's open, with tech stocks powering new all-time highs.
Dow Jones futures were just the wrong side of flat, but the S&P 500 and Nasdaq were indicated 0.3% and 0.55% higher.
The prior session saw all three stock indexes overcome stumbling starts to end slightly higher, with the S&P climbing 0.3% and the Nasdaq 0.4% to both notch new record highs, while the Dow lagged with a 0.1% gain.
This followed a weak ADP payrolls report that fanned speculation that the Federal Reserve will have to get more aggressive on interest rates.
Market expectations for a gain of 50K new jobs were confounded with a headline loss of 32K jobs in September, with the August report revised down from a gain of 54K to a loss of 3K.
"This is important potentially ahead of the NFP report, which I assume will be released at some point," said markt analyts Neil Wilson at Saxo, with the usual publication date of the first Friday of the month likely to be delayed due to the government shutdown.
"Treasury yields fell sharply on the ADP report, with the 10yr down about 5bps to 4.10%, further boosting risk appetite for stocks," he said.
Weekly unemployment claims figures were due today, forecast at +225k, but the Bureau of Labor Statistics website says it is not being updated due to the shutdown.
"There is a risk now for market participants of a rolling data blackout that could see increased volatility," said Wilson.
In company news, as Warren Buffett signs off as CEO, he has inked his largest deal in years, with Berkshire Hathaway Inc (NYSE:BRK.A) buying OxyChem for $9.7 billion cash from Occidental Petroleum Corp (NYSE:OXY).
The move that gives Buffett one last marquee acquisition before handing the reins to Greg Abel in January.
Outside market, OpenAI completed a funding round at a $500 billion valuation, making it the world's largest privately held company.