Market Snapshot for Monday September 29th, 2025
S&P 500 – 6,661.21 (+0.26%)
Dow Jones – 46,316.07 (+0.15%)
NASDAQ – 22,591.15 (+0.48%
Market Performance
Wall Street Edges Higher as Government Shutdown Looms and Key Jobs Report Hangs in the Balance
U.S. stocks ticked upward Monday afternoon as investors weighed the high-stakes showdown in Washington that could halt government operations and derail the release of crucial economic data later this week. The potential disruption to the monthly jobs report has added a new layer of uncertainty to already cautious markets.
The S&P 500 (^GSPC) advanced 0.3%, the Nasdaq Composite (^IXIC) climbed 0.5%, and the Dow Jones Industrial Average (^DJI) gained about 0.2%—all extending Friday’s rebound. Despite jitters over the political stalemate, major indexes remain on track to close both September and the third quarter with modest gains. So far this month, the S&P 500 is up 2.8%, the Dow has risen 1.5%, and the tech-heavy Nasdaq has rallied 2.9%.
Economic Takeaways –
- The Pending Home Sales Index rose 4% in August from a month earlier to 74.7, according to National Association of Realtors data released Monday. Economists expected a much more modest 0.4% gain. A level of 100 is equal to contract activity in 2001.
- The Department of Labor on Monday said the Bureau of Labor Statistics would “suspend all operations” in the event of a government shutdown, which is looking increasingly likely to happen starting Wednesday.
- The Dallas Fed’s general business activity index for Texas manufacturing dropped to -8.7 in September, lower than the -1 reading expected and the -1.8 in August. Texas accounts for over 10% of US manufacturing output.
- Bond yields edged lower while the U.S. dollar slipped against major global currencies.
- Rate-cut expectations remain elevated. The CME FedWatch Tool shows an 89% chance of a cut next month and a 68% chance of two by year-end.
- President Donald Trump announced on Monday that he’s going to impose a 100% tariff on movies produced overseas.
Gold –
- Gold rose to new records, building on this year’s rally of 45%.
- Gold climbed to a record above $3,800 an ounce. Bullion rose as much as 2% to an all-time high of $3,833.59 an ounce — eclipsing a peak reached last Tuesday — after notching six straight weekly gains.
- Silver increased as much as 2.4%, while platinum and palladium also rallied strongly.
Oil –
- Oil prices settled 3% lower on Monday as OPEC+ plans for another increase to oil output in November and the resumption of oil exports by Iraq’s Kurdistan region via Turkey raised the global supply outlook.
- Brent crude futures dropped $2.16, or 3.1%, to close at $67.97 a barrel by 11:33 a.m. ET (1533 GMT) after settling at their highest since July 31 on Friday.
- U.S. West Texas Intermediate crude was down $2.27, or 3.45%, at $63.45.
Crypto –
- CoinZoom, a U.S.-based fintech platform, today announced a major milestone: for the third quarter of 2025, 60% of all CoinZoom Visa Debit Card transactions were made using cryptocurrency – the highest share in the company’s history.
- Blockchain Association warned banks want to roll back GENIUS Act protections, risking consumer access to stablecoin innovation.
- Bitcoin hovered around $114,000.
U.S. Agencies Map Out Shutdown Furloughs but Stop Short of Permanent Layoffs
Federal agencies are bracing for a possible government shutdown with contingency plans that would temporarily furlough hundreds of thousands of workers — but so far avoid large-scale permanent layoffs, despite White House pressure to consider them.
As of Monday afternoon, at least eight cabinet departments, which together employ more than two-thirds of the federal workforce, had released detailed shutdown plans. Those blueprints call for more than 400,000 nonessential employees to be sent home without pay.
Yet only one agency even referenced potential permanent staff reductions. The Centers for Disease Control and Prevention said 1,563 positions were in “RIF status,” a federal term for “reduction in force,” though it was unclear whether those cuts were preauthorized or tied to the shutdown. Officials at the CDC and the Department of Health and Human Services did not comment on the language.
The Office of Management and Budget last week instructed agencies to propose job cuts as part of their shutdown plans, signaling that President Donald Trump could permanently wind down unfunded programs rather than just suspend them. OMB has not explained why agency contingency plans stopped short of that directive.
Under civil-service rules, trimming the federal workforce is a lengthy process. Employees must be given formal notice, and more senior staff often have “bumping rights” to transfer into other roles. Unionized workers enjoy additional protections, which complicate any rapid downsizing.
That’s one reason Tesla CEO Elon Musk’s high-profile government workforce reduction initiative relied on a voluntary “Fork in the Road” program. About 150,000 federal employees opted to take six months or more of pay in exchange for leaving their jobs — a deal that, for most participants, expires with the end of the fiscal year on Tuesday.
Top Gainers
Several stocks experienced significant gains. Some of the top gainers included:
Wolfspeed, Inc. +1,726.45%
Merus N.V. (MRUS) +35.97%
Vor Biopharma, Inc. (VOR) +18.65%
GRAIL, Inc. (GRAL) +17.87%
Sandisk Corp. (SNDK) +16.87%
Top Losers
The top US stock losers today, based on percentage change included:
Jyong Biotech Ltd. (MENS) -16.30%
Maplebear, Inc. (CART) -10.40%
Pagaya Technologies (PGY) -8.31%
Upstart Holdings (UPST) -8.02%
Crescent Energy (CRGY) -7.27%
Notables
- Toyota (TM) posted another increase in global sales in August, fueled by robust demand from U.S. consumers. The world’s largest automaker by volume reported that worldwide deliveries rose 2.2% from a year earlier to nearly 845,000 vehicles, marking its eighth consecutive month of growth. For the year through August, Toyota has sold about 6.9 million vehicles globally — a 5% increase compared with the same period in 2024 — underscoring the brand’s strong momentum in key markets.
- Intel (INTC) shares fell on Monday after surging more than 20% during the prior trading week.
- Electronic Arts (EA) announced on Monday that it will be acquired by a group of investors comprising Saudi Arabia’s Public Investment Fund, Silver Lake, and Affinity Partners in a deal valued at $55 billion. The deal marks the largest leveraged buyout in history.
- Shares in MoonLake Immunotherapeutics (MLTX) fell after disappointing trial data.
- Shares of major cannabis companies surged in premarket trading Monday after President Trump released a video touting the potential benefits of cannabidiol (CBD) for senior healthcare. Canopy Growth’s (CGC) U.S.-listed shares rose about 14% after spiking nearly 20% earlier in the session. Tilray Brands (TLRY) jumped more than 18%, while Cronos Group (CRON) and Aurora Cannabis (ACB) each gained roughly 10%.
- GSK’s (GSK) U.S.-listed shares gained 3% after the company announced CEO Emma Walmsley will step down in December, with longtime executive Luke Miels set to take the helm.
- AstraZeneca (AZN) rose about 1% in premarket trading after revealing plans for a direct U.S. listing of its shares and pledging $50 billion in new U.S. manufacturing investment.
- Alibaba (BABA, 9988.HK) also advanced, climbing more than 3% before the bell on Wall Street — extending gains from its Hong Kong session — after a wave of bullish analyst calls highlighting the company’s AI and cloud businesses.
- Shares of Beyond Meat (BYND) slumped to a record low on Monday after the maker of plant-based meat launched an exchange offer for convertible bonds to cut more than $800 million in debt.
- Once Upon a Farm, the organic baby food company co-founded by actor Jennifer Garner, revealed higher six-month revenue in a U.S. IPO filing on Monday, becoming the latest company to seek a listing amid strong investor demand.
What to Watch Ahead
Investors are closely tracking the fast-approaching deadline for a federal funding agreement. The standoff between Republicans and Democrats has pushed shutdown odds near 80%, according to prediction market Polymarket. President Trump convened congressional leaders Monday in what could be the final opportunity to avert a funding lapse.
The Labor Department underscored the stakes, warning that its Bureau of Labor Statistics will suspend operations if a shutdown begins. That would postpone the release of Friday’s closely watched nonfarm payrolls report along with inflation data that markets use to gauge Federal Reserve policy. “Economic data that are scheduled to be released during the lapse will not be released,” the agency said in its contingency plan.
Such reports have been pivotal to the Fed’s decision-making and to investor expectations on rate cuts that have fueled much of this year’s rally. Last week’s weaker-than-expected jobless claims and an upward revision to GDP growth already shifted some bets on the timing and depth of rate cuts. Economists currently forecast payroll growth of just 43,000 in September with the unemployment rate holding at 4.3%.
At the same time, Wall Street is processing fresh risks beyond the budget fight. The past week saw weakness in AI-focused shares and a surprise announcement of new tariffs. On Monday, Trump escalated those measures, proposing duties on categories such as movies and furniture effective Oct. 1.
Even with these crosscurrents, equities have managed to stay resilient. The Nasdaq continues to benefit from tech leadership, while the S&P 500 and Dow are also holding monthly gains.
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