Daily Updates

US equities pulled back overnight, with the S&P 500 snapping a seven-day winning streak as the US Government shutdown completed its first week. A minor storm kicked up as the US president indicated that some furloughed federal government workers might not receive backpay when they eventually are allowed to return to work.

The US Government shutdown rolls on, and US equities made fresh record highs overnight, although the narrowly based Dow Jones (just 30 stocks) closed slightly lower. US Treasury yields edged up, and the US dollar gained.

US equities set fresh record highs on Friday before a late fall saw the S&P 500 end the session virtually flat. Traders were starved of government economic reports, as the US Government shutdown extended into a third day. 

The S&P 500 closed nearly flat at a new record high overnight, following a rather choppy session. US President Donald Trump plans to meet with White House Budget Director Russell Vought to discuss a plan to cut federal jobs due to the government shutdown.

After a meagre start, all three major stock indices closed at fresh record highs, as investors shrugged off the US government shutdown that took effect yesterday at noon (AWST). Instead of the government shutdown, the investors’ focus was on disappointing US economic data, which increases the probability of further fed funds rate cuts ahead.

US stocks closed higher, thanks to a late rally, despite concerns over the pending government shutdown, as US economic data supported a case for further fed funds rate cuts.