Buyers of tech stocks emerge as the shutdown extends – US Market Wrap

The sprint to new highs resumed in late afternoon trade, after the positive momentum in US technology stocks was tested by the Trump administration’s proposal to cut “thousands” of federal jobs on the second day of the government shutdown.
The Nasdaq 100 surged to a second consecutive record as an OpenAI share sale boosted excitement about artificial intelligence. The transaction propelled the company to the world’s most valuable startup, with a $500 billion valuation. The Philadelphia Semiconductor Index rose 1.9%, driven by AMD and Intel. The S&P 500 gained 0.06%, reversing a 0.3% decline.
Investor anxieties caused by the Trump administration’s proposals were mostly forgotten by the conclusion of the session. Republicans attempted to exploit the prospect of permanent cuts to persuade Democrats to vote to reopen the government. Trump intends to meet with White House Budget Director Russell Vought to discuss the concept.
Traders were also dealing with a brief blackout in economic data after Thursday’s weekly initial unemployment claims reports were delayed due to the government shutdown. If the government continues, the lack of data could jeopardize future interest rate reduction.
Following four days of losses, the dollar rose for the first time. The yield on the benchmark 10-year Treasury note decreased to 4.09%.
In commodities markets, gold’s surge faded after reaching a record, and oil declined for the fourth day in a row. West Texas Intermediate fell below $61 a barrel, the lowest level in four months, as predictions of 0PEC+ recovering idled supply fueled concerns about a global glut.