US Stocks Lower as Government Shuts Down
US stocks fell on Wednesday, with both the S&P 500 and the Nasdaq down nearly 0.3% and the Dow Jones losing nearly 60 points, after the federal government entered its first shutdown in nearly seven years, as Republicans and Democrats failed to reach a temporary funding deal.
Key government services will be suspended, delaying the release of important economic data, including Friday’s jobs report. Meanwhile, ADP data showed that the US private sector unexpectedly shed 32K jobs in September, defying forecasts of a 50K gain — further evidence that the labor market is cooling more sharply than expected.
Communication services was by far the worst performing sector while health outperformed. Meta was down more than 2% and banks were also under pressure, including JPMorgan (-1.9%). On the other hand, Pfizer gained 1% followed an agreement between the company and the Trump administration allowing patients to purchase discounted prescription drugs through a new federal website.
Source: Tradingeconomics.com
