Wall Street spent the week mired in a government shutdown, now its sixth-longest of all time. But the lack of economic data didn't stop all three major indexes from nabbing a slew record highs earlier in the week. Gold prices were also a focal point, while investors unpacked Fed minutes rhetoric ahead of the central bank's October meeting. AI and tech stocks tried to prop up the Nasdaq, but renewed tariff tensions with China soured sentiment to end the week. As of this writing, the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite Index (IXIC) are all headed for their worst week since Aug. 1.
Tech Stocks Standing Tall Despite Broad Market Weakness
Growth stocks continue to ignore valuation concerns and rattle off records. AI optimism lifted Dell Technologies (DELL), while red-hot nuclear energy stock Oklo (OKLO) picked up another bull note. Netflix (NFLX) is in the midst of a historically strong month, while this data center maven scored a surprise revenue beat to end the week.
Art of the Deal(s)
A flurry of deals, stakes, and mergers were a quiet storyline this week. It all started with Advanced Micro Devices (AMD) cozying up to OpenAI, and Fifth Third Bancorp (FITB) snagging Comerica (CMA) to become the ninth-largest bank in the country.
The U.S. government took another step forward to secure its supply chain of critical minerals, while AST SpaceMobile (ASTS) and Rocket Lab (RKLB) solidified their bonafides with their own high-profile contracts. Never one to be left out of the news, weight-loss drug giant Novo Nordisk (NVO) shook up the pharma sector.
Even rumors triggered outsized price moves this week, with Archer Aviation (ACHR) melting up amid (since dispelled) Tesla (TSLA) buzz, and Confluent (CFLT) a supposed takeover target.
Earnings Season About to Hit Overdrive
Earnings season unofficially starts next week, but don't forget to keep an eye on gold prices and gold mining stocks. Historical volatility continues to fall, and we unpacked what it could mean for options traders.
