Wall Street‘s major indices opened in the red on Tuesday, marking the last trading day of the third quarter, as investors worried about potential delays in crucial economic data releases due to an impending US government shutdown.
In the early hours of trading, the Dow Jones Industrial Average slipped 33.4 points, or 0.07%, to 46,282.63. S&P 500 dropped 5.0 points, or 0.08%, to 6,656.19, while the Nasdaq Composite fell 10.8 points, or 0.05%, to 22,580.36.
As September wraps up, US stock market is waving goodbye to a spectcular quarter. The market had an incredible third quarter with major indices hitting new all-time highs.
S&P 500 crossed 6,600 points for the first time, finishing the quarter up about 7.4%. Dow Jones Industrial Average also topped 46,000 points, ending with a 5% gain, while the Nasdaq Composite surged by 10.9%, mostly driven by the booming tech and artificial intelligence (AI) sectors.
The rally was mainly powered by the ongoing AI boom, strong company earnings that beat expectations, and hopes that the Federal Reserve might cut interest rates later in the year.
The biggest tech companies, often called the “Magnificent 7,” saw impressive growth, which helped push the entire market up.
Even smaller companies, tracked by the Russell 2000 index, saw gains, showing that the rally was not just limited to big players.
Meawhile, as we head to the next quarter, many investors are worried about a possible government shutdown. This could also delay the release of various economic data.
The deadline for a possible government shutdown is quickly approaching, with October 1 as the cutoff date. President Donald Trump and congressional Democrats are at an impasse over government spending, raising the risk of vital federal services running out of funding.