4:13pm: Investors spooked
Tech stocks led Wall Street lower amid concerns the Fed may hold off cutting rates in December in the wake of the US government shutdown.
The Nasdaq was down 2.3% at 22,870 points, the Dow Jones fell 1.7% to 47,457 points, and the S&P 500 was down 1.7% at 6,737 points.
3:30pm: Proactive news headlines
- Happy Creek Minerals Ltd. (TSX-V:HPY, OTC:HPYCF) saw Hallgarten & Company initiated coverage with a ‘Long’ rating and $0.32 target, citing potential upside from rising tungsten prices and the company’s development plans.
- Bitfarms (TSX-V:BITF) posted a Q3 GAAP loss of $0.08 per share as it transitions from Bitcoin mining to a North American energy and digital infrastructure focus.
- Ideal Power Inc (NASDAQ:IPWR) is positioning for growth in EV and data center markets after receiving a development order from Stellantis for its B-TRAN semiconductor technology.
- Candel Therapeutics Inc (NASDAQ:CADL) reported promising clinical progress in its cancer immunotherapy pipeline, including Phase 3 and Phase 1b trial updates.
- Medicus Pharma (NASDAQ:MDCX) received full UK regulatory and ethical approvals to expand its Phase 2 D-MNA clinical trial for basal cell carcinoma.
- NEXE Innovations Inc (TSX-V:NEXE, OTC:NEXNF) delivered over 300,000 BPI-certified compostable coffee pods to Bridgehead Coffee ahead of its planned Costco rollout.
- Immunic Inc (NASDAQ:IMUX) highlighted positive Phase 2 CALLIPER trial results for vidofludimus calcium, showing significant improvement in progressive multiple sclerosis.
- First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF) welcomed a $57.6 million Canadian government investment to build a second wharf at Port Saguenay, supporting future phosphate and LFP product transport.
- NanoViricides (NYSE-A:NNVC) raised $6 million through a direct offering to support working capital and general corporate purposes.
- GoviEx Uranium Inc (TSX-V:GXU, OTCQB:GVXXF) completed a plan of arrangement with Tombador Iron, becoming a wholly owned subsidiary and planning an ASX re-listing as Atomic Eagle.
- G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF)’s Q3 gold production rose 9% to 46,360 ounces, delivering record revenue and free cash flow from its Tocantinzinho Gold Mine in Brazil.
2:30pm: Market movers
- Beyond Meat Inc (NASDAQ:BYND) shares dropped 9% to about $1 after reporting a wider-than-expected third quarter earnings miss and weak sales guidance despite slightly topping revenue estimates.
- Brookfield Asset Management (TSX:BAM, NYSE:BAM) fell nearly 7% after posting mixed third quarter results, with distributable earnings per share of $0.63 missing forecasts of $0.66.
- Bitfarms (TSX-V:BITF) reported a larger-than-expected third quarter loss of $0.08 per share as it transitions from Bitcoin mining to an energy and digital infrastructure company.
- Walt Disney Co (NYSE:DIS, ETR:WDP) shares slid almost 9% after the company’s fiscal fourth-quarter revenue of $22.46 billion missed analyst estimates.
- Cisco Systems Inc (NASDAQ:CSCO, ETR:CIS) reported stronger-than-expected first quarter results and raised guidance on robust AI-driven cloud demand.
- Imaging Biometrics Ltd (LSE:IBAI, OTCQB:IQAIF) jumped 13% after announcing its FTB mapping technology is being used in a glioblastoma phase 2 study at MD Anderson Cancer Center.
- Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) surged 10% after reporting strong production, higher cash generation, and output of 911,000 ounces of gold in the first nine months of 2025.
- Flutter Entertainment PLC (LSE:FLTR, NYSE:FLUT) fell 2.5% after trimming 2025 guidance due to customer-friendly sports results and higher U.S. investment despite a 17% rise in quarterly revenue.
1:25pm: Stocks in the red
Markets are continuing to drop on Thursday afternoon as investors digest news of the end of the longest shutdown in US history.
The Nasdaq has lost 2.4% on the day so far, while the S&P is 1.6% underwater and the Dow is following suit with a loss of 1.2% on the day.
12:40pm: Economic data to come soon
The US House voted 222-209 to advance a bill ending the 43-day federal government shutdown, sending it to the President for approval.
The legislation provides full-year funding for the Agriculture Department—including the Supplemental Nutrition Assistance Program (SNAP)—military construction, and the legislative branch, while other agencies are funded through January 30. The bill also guarantees back pay for furloughed federal workers and prevents further terminations through late January.
The shutdown had caused widespread disruption, including flight delays, missed paychecks for federal employees, and delays in economic data releases.
UBS analysts noted the challenges for statistical agencies in catching up. “While we could get an update on the publication of statistics which were essentially ready for publication when the federal government shutdown, a full schedule of the delayed data may not be available immediately,” they wrote.
The Bureau of Labor Statistics is expected to publish the delayed September employment report within two to three business days once operations normalize.
11:45: Disney disappoints
Walt Disney Co (NYSE:DIS, ETR:WDP) shares fell almost 9% after the entertainment giant posted mixed financial results for the fiscal fourth quarter.
Disney reported revenue of approximately $22.46 billion, below analyst expectations of $22.75 billion.
In comparison, adjusted earnings per share (EPS) came in at $1.11, exceeding the $1.07 consensus. The EPS beat was attributed in part to operational leverage and share buybacks.
For the full fiscal year, Disney reported revenue of $94.4 billion, up 3% from $91.4 billion in 2024. Full-year adjusted EPS rose 19% to $5.93, compared with $4.97 in fiscal 2024.
The company also outlined plans for fiscal 2026 and 2027, including expected double-digit adjusted EPS growth, continued investment in content and Parks and Experiences, and increased share repurchases.
10:35am: Dow at new heights
The Dow Jones closed above 48,000 for the first time on Wednesday evening, as investors welcomed the improved odds of a government reopening and avoided the threat of a broader economic disruption.
“The Dow closing above 48,000 is a clear sign that investors are feeling relief after the recent government shutdown scare,” said Jeffrey Roach, Chief Economist at LPL Financial in Charlotte, North Carolina. “Had the shutdown stretched into the peak holiday season, we might be looking at a much higher risk of recession. Instead, the market is reacting to the avoidance of a bigger crisis.”
The renewed optimism stems from lawmakers’ progress in resolving the shutdown, which had threatened federal operations and consumer confidence during a critical time for holiday shopping and travel. Analysts say the market rally reflects relief that the economy has narrowly avoided a more severe shock.
9.55am: Nasdaq opens 1% lower
Wall Street is bathed in red at the open, with the biggest losses on the tech-dominated Nasdaq, which is down over 1% in early trading.
The Dow Jones has dropped 0.2% and the S&P 0.6%.
Nvidia is down 3.3%, with other falls over 2-3% among semiconductor names, Marvell Technology, GlobalFoundries, Broadcom, Nvidia, Intel and AMD.
Alphabet, Palantir and Tesla are also down over 2%.
8.10am: Nasdaq set to fall for third day
US stock futures turned from green to red early on Thursday, after the US government shutdown was ended overnight.
Predicted losses were small for Wall Street's main benchmarks, with the Dow Jones, S&P 500 and Nasdaq all called down less than 0.1%.
The day before was another mixed session, with the Dow notching another record but Big Tech stocks creating a drag.
The Dow climbed 327 points or 0.7% to finish at a record high of 48,255, while the S&P 500 edged up 4 points to 6,851.
It was a second consecutive fall for the tech-heavy Nasdaq, however, slipping 62 points or 0.3% to 23,406, while the Russell 2000 fell 0.3% to 2,451.
Among the tech giants, Advanced Micro Devices surged 9% on new growth projections, even as megacaps such as Amazon, Apple, and Tesla pulled back.
Early morning earnings were published on Thursday by Walt Disney Co (NYSE:DIS, ETR:WDP), sending its shares down 4% pre-market as its fiscal fourth-quarter revenues fell short of Street estimates.
Cisco Systems Inc (NASDAQ:CSCO, ETR:CIS) shares are up almost 7% after the networking company beat at the top and bottom lines.
With Federal government workers back working again, investors are trying to "figure out what it all meant and what kind of damage – if any – the shutdown actually did to the economy", says market analyst Kenny Polcari at Slatestone Wealth.
The bill that President Trump signed funds the government until 31 January, which means another shutdown could occur in February.
"It’s time to finally get the macro data we didn’t get over the past six weeks," said Polcari, "that is what’s going to dictate how markets (investors, traders, and the chaos-creating algo’s) respond next."
Top of the list is the non-farm payrolls report, now expected on Friday, 21 November, two weeks late.
This will be followed by CPI, PPI and average earnings, and next week factory orders, durable goods, retail sales, housing starts, building permits and more later in the month.
"The next move in the markets is going to be driven entirely by what these data points tell us," said Polcari, with the final Federal Reserve meeting of the year on 10 December.