After a session of fluctuations, the Dow Jones Industrial Average rose by 0.18% to achieve a record 46,397.89 points, the Nasdaq gained 0.30%, and the S&P500 advanced 0.41%.
As midnight approaches, without a budget law, even if temporary, the federal government is set to enter a ‘shutdown,’ leading to the closure of most federal state services.
“Even though this is not a significant macroeconomic event, it will still cause market volatility simply because it creates more uncertainty,” commented Victoria Fernandez of Crossmark Global Investments.
Investors will lose insight into the state of the economy as publications from public entities will no longer be issued.
These are “essential statistics that strongly influence monetary policy decisions” of the central bank, stated Jose Torres of Interactive Brokers.
“Without many data, it is very difficult for the central bank to make decisions” regarding interest rates at the October meeting,” Fernandez highlighted.
Consequently, “this morning’s reports were very important,” she added.
According to the “Jolts” indicator, the number of job openings in the U.S. in August stood at 7.227 million, above the expected 7.200 million.
Meanwhile, a barometer from the professional association Conference Board revealed a drop in consumer morale, reaching the lowest level since April.
Today marked the last day of the month and the quarter, prompting investor “repositionings,” noted Victoria Fernandez.
After a September filled with stock market records, the analyst emphasized that lately, the markets have “overlooked” economic “warning signs,” preferring to focus on robust consumer spending and “profit forecast increases.”
