Market Update
S&P 500 Index Hit 29th High In 2025 as Federal Government Remains Closed
Barry Adams
02 Oct, 2025
New York City
U.S. benchmark indexes in New York advanced, and investors overlooked the ongoing partial shutdown of the federal government.
The S&P 500 index gained 0.2%, the tech-heavy Nasdaq Composite advanced 0.3%, and the yield on the 10-year Treasury bond inched higher to 4.10%.
The S&P 500 index hit its 29th new record high this year, driven by AI-led rally, earnings optimism, and hopes of additional interest rate cuts.
The S&P 500 index advanced to a new record high on Wednesday, and investors bid up stocks on hopes that the latest government shutdown is likely to be brief.
The current disagreement between the Democrats and Republicans hinges on the Republicans' plan to eliminate premium subsidies for low-income individuals.
As many as 4.2 million Americans are likely to lose their insurance, according to an estimate released by the nonpartisan Congressional Budget Office.
Republicans are hoping that as many as five Democratic senators are likely to back the funding plan passed by the Republican-controlled U.S. House.
The U.S. Senate is likely to schedule the next vote on Friday, as lawmakers return from a holiday.
The U.S. Labor Department will not release its previously scheduled September's nonfarm payroll data on Friday because of the government shutdown, adding one more challenge to the Fed's policymakers in deciphering the next step for rate decisions.
U.S. Stock Movers
Occidental Petroleum Corp. advanced 1.1% to $48.26 after the company said Berkshire Hathaway has agreed to buy its petroleum refining unit for $9.7 billion.
Berkshire Hathaway's latest deal is the largest since the purchase of Allegheny Insurance in 2022.
Japan Indexes Retained Upward Bias Ahead of Key Macroeconomic Data
Akira Ito
02 Oct, 2025
Tokyo
Japan's benchmark indexes diverged as investors await the release of key economic data this week.
The Nikkei 225 Stock Average increased 0.7%, and the broader Topix decreased 0.3% as investors awaited the outcome of the leadership race for the LDP.
Agriculture Minister Shinjiro Koizumi is considered a favorite among party members, but the leadership race is likely to head for a runoff.
The Nikkei 225 Stock Average edged higher, tracking overnight gains on Wall Street amid AI optimism and expectations of additional rate cuts by the Federal Reserve.
Investors overlooked the U.S. government's partial shutdown as politicians struggled to strike an agreement and finalize budgetary spending for the next two months.
Japan's retail sales and industrial production fell short of market expectations, but sentiment among large businesses improved following the US-Japan trade agreement that averted the aggressive U.S. tariffs.
Later in the week, investors are looking forward to the release of unemployment data and a construction industry update.
Market sentiment was under pressure in Tokyo as investors rebalanced portfolios at the start of the second half of the fiscal year.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 0.7% to 44,875.28, and the broader Topix index decreased 0.3% to 3,084.34.
The company confirmed that a ransomware attack crippled its operations, but there has been no leakage of customer or personal data.
Asahi Group Holdings rose 2.5% to ¥1,734.50, and the beverage company postponed the October release of 12 new products following a system attack because of a cyberattack.
Tokyo Electron increased 7.5% to ¥27,750.0, Advantest Corp. advanced 1.7% to ¥14,930.0, and Lasertec gained 2.7% to ¥20,360.0.
Toyota Motor Corp. decreased 0.05% to ¥2,820.0, Honda Motor Corp. declined 0.5% to ¥1,504.0, and Nissan Motor Corp. dropped 2.5% to ¥347.70.
Seven & I Holdings Co. Ltd. decreased 0.4% to ¥1,958.50, Fast Retailing Co. fell 0.9% to ¥44,890.0, and Takashimaya Co. Ltd. added 1.4% to ¥1,742.50.
Japan Indexes Retained Upward Bias Ahead of Key Macroeconomic D
Akira Ito
02 Oct, 2025
Tokyo
Japan's benchmark indexes diverged as investors await the release of key economic data this week.
The Nikkei 225 Stock Average increased 0.7%, and the broader Topix decreased 0.3% as investors awaited the outcome of the leadership race for the LDP.
Agriculture Minister Shinjiro Koizumi is considered a favorite among party members, but the leadership race is likely to head for a runoff.
The Nikkei 225 Stock Average edged higher, tracking overnight gains on Wall Street amid AI optimism and expectations of additional rate cuts by the Federal Reserve.
Investors overlooked the U.S. government's partial shutdown as politicians struggled to strike an agreement and finalize budgetary spending for the next two months.
Japan's retail sales and industrial production fell short of market expectations, but sentiment among large businesses improved following the US-Japan trade agreement that averted the aggressive U.S. tariffs.
Later in the week, investors are looking forward to the release of unemployment data and a construction industry update.
Market sentiment was under pressure in Tokyo as investors rebalanced portfolios at the start of the second half of the fiscal year.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 0.7% to 44,875.28, and the broader Topix index decreased 0.3% to 3,084.34.
The company confirmed that a ransomware attack crippled its operations, but there has been no leakage of customer or personal data.
Asahi Group Holdings rose 2.5% to ¥1,734.50, and the beverage company postponed the October release of 12 new products following a system attack because of a cyberattack.
Tokyo Electron increased 7.5% to ¥27,750.0, Advantest Corp. advanced 1.7% to ¥14,930.0, and Lasertec gained 2.7% to ¥20,360.0.
Toyota Motor Corp. decreased 0.05% to ¥2,820.0, Honda Motor Corp. declined 0.5% to ¥1,504.0, and Nissan Motor Corp. dropped 2.5% to ¥347.70.
Seven & I Holdings Co. Ltd. decreased 0.4% to ¥1,958.50, Fast Retailing Co. fell 0.9% to ¥44,890.0, and Takashimaya Co. Ltd. added 1.4% to ¥1,742.50.
U.S. Indexes Hold Steady Amid Worry About U.S. Government Shutdown Duration
Barry Adams
01 Oct, 2025
New York City
Stock market indexes in New York dipped on Wednesday after the White House ordered the government shutdown for the lack of funding.
The S&P 500 index decreased 0.4%, and the tech-heavy Nasdaq Composite fell 0.5% amid worries about the length of the latest federal government shutdown.
The Republican Senate failed to pass a spending bill, triggering a government shutdown at midnight on Tuesday.
The Congressional Budget Office estimated that the federal government shutdown will result in the furlough of about 750,000 employees.
The shutdown is likely to weigh on the market amid a cooling job market and inflation risks, compounded by record-high stock valuations.
The yield on the 10-year U.S. Treasury inched lower by 1.3 basis points to 4.15%, and gold rebounded to a new record high above $3,890 per ounce following the rise in demand for safe-haven assets amid the federal shutdown.
Private payrolls dropped in September, according to the latest data released by payroll company ADP on Wednesday.
The private sector trimmed 32,000 jobs in September, following downwardly revised August numbers, to a decline of 3,000 from the previous estimate of the 54,000 gains.
The ADP's data are generally volatile and often sharply revised, but the series takes on added significance in the absence of the government data because of the shutdown.
U.S. Stock Movers
Nike Inc. jumped 4.4% to $72.79 after the athletic footwear maker reported a surprise increase in sales of 1% to $11.7 billion in the fiscal first quarter.
The company had previously guided sales to decline in mid-single-digit percentages in the quarter.
Net income dropped 31% to 49 cents per share, and gross margin declined 3.2 percentage points to 42.2%, indicating that the company is still struggling with unsold inventories.
Lithium Americas Corp. jumped 36% to $7.81 after the U.S. Energy Department announced plans to take a direct 5% stake in the Canadian company and an additional 5% stake in the company's lithium mine, Thacker Pass, in exchange for debt.
U.S. Indexes Hold Steady Amid Worry About U.S. Government Shutdown
Barry Adams
01 Oct, 2025
New York City
Stock market indexes in New York dipped on Wednesday after the White House ordered the government shutdown for the lack of funding.
The S&P 500 index decreased 0.4%, and the tech-heavy Nasdaq Composite fell 0.5% amid worries about the length of the latest federal government shutdown.
The Republican Senate failed to pass a spending bill, triggering a government shutdown at midnight on Tuesday.
The Congressional Budget Office estimated that the federal government shutdown will result in the furlough of about 750,000 employees.
The shutdown is likely to weigh on the market amid a cooling job market and inflation risks, compounded by record-high stock valuations.
The yield on the 10-year U.S. Treasury inched higher by 1.5 basis points to 4.17%, and gold rebounded to a new record high above $3,890 per ounce following the rise in demand for safe-haven assets amid the federal shutdown.
U.S. Stock Movers
Nike Inc. jumped 4.4% to $72.79 after the athletic footwear maker reported a surprise increase in sales of 1% to $11.7 billion in the fiscal first quarter.
The company had previously guided sales to decline in mid-single-digit percentages in the quarter.
Net income dropped 31% to 49 cents per share, and gross margin declined 3.2 percentage points to 42.2%, indicating that the company is still struggling with unsold inventories.
Lithium Americas Corp. jumped 36% to $7.81 after the U.S. Energy Department announced plans to take a direct 5% stake in the Canadian company and an additional 5% stake in the company's lithium mine, Thacker Pass, in exchange for debt.
Japan's Indexes Closed In September, First Decline In Six Months
Akira Ito
01 Oct, 2025
Tokyo
Japan's market indexes turned lower amid mixed economic signals and worries of a prolonged U.S. government shutdown.
The Nikkei 225 Stock Average dropped 1%, and the broader Topix index declined 1.5% as investors assessed the future rate path and outlook for international trade.
The Tankan survey of 8,900 companies showed an improvement in business sentiment in the September quarter, according to a monthly report released by the Bank of Japan.
The sentiment index among manufacturing firms slightly increased from the second quarter, but the expectations for business conditions were stable among smaller businesses.
The sentiment index for manufacturing businesses improved to 14 from 13, and for non-manufacturing businesses, it remained stable at 34 in the third quarter, respectively.
Meanwhile, economic data released earlier showed weaknesses in retail sales and industrial production.
August's retail sales declined 1.1%, and industrial production fell 1.2% from a year ago, respectively.
The Bank of Japan's Summary of Opinions highlighted a divide among policymakers, as some policymakers preferred to hike rates if economic growth and inflation are met, while others advocated holding to stem off the negative impact of the U.S. tariffs.
Japan Indexes and Stocks
The Nikkei 225 Stock Average declined 1% to 44,464.33, and the broader Topix dropped 1.5% to 3,091.56.
IHI Corp. decreased 6.3% to ¥2,585.50, Fujikura Ltd. dropped 1.2% to ¥14,280.0, and Mitsubishi Heavy Industries fell 3.3% to ¥3,753.0.
Tokyo Electron declined 1.5% to ¥25,955.0, Advantest Corp. increased 0.9% to ¥14,775.0, and Disco Corp. decreased 0.6% to ¥46,250.0.
Nippon Yusen Corp. fell 0.5% to ¥5,028.0, Mitsui O.S.K. Lines Ltd. decreased 1.4% to ¥4,430.0, and Kawasaki Kisen Kaisha Ltd. declined 1.3% to ¥2,080.0.
Japan's Indexes Closed In September, First Decline In Six Months
Akira Ito
01 Oct, 2025
Tokyo
Japan's market indexes turned lower amid mixed economic signals and worries of a prolonged U.S. government shutdown.
The Nikkei 225 Stock Average dropped 1%, and the broader Topix index declined 1.5% as investors assessed the future rate path and outlook for international trade.
The Tankan survey of 8,900 companies showed an improvement in business sentiment in the September quarter, according to a monthly report released by the Bank of Japan.
The sentiment index among manufacturing firms slightly increased from the second quarter, but the expectations for business conditions were stable among smaller businesses.
The sentiment index for manufacturing businesses improved to 14 from 13, and for non-manufacturing businesses, it remained stable at 34 in the third quarter, respectively.
Meanwhile, economic data released earlier showed weaknesses in retail sales and industrial production.
August's retail sales declined 1.1%, and industrial production fell 1.2% from a year ago, respectively.
The Bank of Japan's Summary of Opinions highlighted a divide among policymakers, as some policymakers preferred to hike rates if economic growth and inflation are met, while others advocated holding to stem off the negative impact of the U.S. tariffs.
Japan Indexes and Stocks
The Nikkei 225 Stock Average declined 1% to 44,464.33, and the broader Topix dropped 1.5% to 3,091.56.
IHI Corp. decreased 6.3% to ¥2,585.50, Fujikura Ltd. dropped 1.2% to ¥14,280.0, and Mitsubishi Heavy Industries fell 3.3% to ¥3,753.0.
Tokyo Electron declined 1.5% to ¥25,955.0, Advantest Corp. increased 0.9% to ¥14,775.0, and Disco Corp. decreased 0.6% to ¥46,250.0.
Nippon Yusen Corp. fell 0.5% to ¥5,028.0, Mitsui O.S.K. Lines Ltd. decreased 1.4% to ¥4,430.0, and Kawasaki Kisen Kaisha Ltd. declined 1.3% to ¥2,080.0.
Economic Data May Not Arrive On Time as Possible Federal Government Shutdown Approaches Closer
Barry Adams
30 Sep, 2025
New York City
Wall Street indexes turned lower amid rising possibilities of a federal government shutdown starting as early as Tuesday at midnight.
The S&P 500 index and the tech-heavy Nasdaq Composite decreased 0.3% amid worries that the extended government shutdown could negatively impact the health of the U.S. economy.
The Labor Department confirmed on Monday that September nonfarm payrolls data scheduled for Friday will not be released in the event of a U.S. federal government shutdown.
Moreover, rating agencies could downgrade the U.S. debt, following the last downgrade by Moody's in May.
The federal government shutdowns in the past have had little impact on the broader market; however, this time the disruptions in government operations could compound uncertainties because of the deteriorating labor market and sharp escalation in trade tariffs.
For the quarter-to-date, the S&P 500 index rose 7.4% and the Nasdaq Composite advanced 11%.
U.S. Stock Movers
Electronic Arts extended two-day gains to over 20% after the company agreed to go private in a deal worth $55 billion.
The company agreed to be acquired by the Public Investment Fund of Saudi Arabia, Silver Lake, and Affinity Partners in an all-cash deal for $210 a share.
Firefly Aerospace dropped 10% to $33.20 after the company's rocket booster exploded during a pre-flight test at its facility in Texas.
Progress Software decreased 0.3% to $42.45, and the software company reported better-than-expected earnings for the fiscal third quarter and raised its annual outlook.
Vail Resorts fell 2.2% to $144.75 after the ski resort operator reported a quarterly loss of $5.08 per share on revenue of $271 million.
CarMax Inc. extended a two-day decline to 22% to $144.75 after the used car retailer reported revenue declined 6% and net income fell 28% from a year ago, respectively.
The sales weakness reflected elevated used-car prices and a shift in focus to sell luxury automobiles.
Economic Data May Not Arrive On Time as Possible Federal Government Shutdown Approaches Closer
Barry Adams
30 Sep, 2025
New York City
Wall Street indexes turned lower amid rising possibilities of a federal government shutdown starting as early as Tuesday at midnight.
The S&P 500 index and the tech-heavy Nasdaq Composite decreased 0.3% amid worries that the extended government shutdown could negatively impact the health of the U.S. economy.
The Labor Department confirmed on Monday that September nonfarm payrolls data scheduled for Friday will not be released in the event of a U.S. federal government shutdown.
Moreover, rating agencies could downgrade the U.S. debt, following the last downgrade by Moody's in May.
The federal government shutdowns in the past have had little impact on the broader market; however, this time the disruptions in government operations could compound uncertainties because of the deteriorating labor market and sharp escalation in trade tariffs.
U.S. Stock Movers
Electronic Arts extended two-day gains to over 20% after the company agreed to go private in a deal worth $55 billion.
The company agreed to be acquired by the Public Investment Fund of Saudi Arabia, Silver Lake, and Affinity Partners in an all-cash deal for $210 a share.
Firefly Aerospace dropped 10% to $33.20 after the company's rocket booster exploded during a pre-flight test at its facility in Texas.
Progress Software decreased 0.3% to $42.45, and the software company reported better-than-expected earnings for the fiscal third quarter and raised its annual outlook.
Vail Resorts fell 2.2% to $144.75 after the ski resort operator reported a quarterly loss of $5.08 per share on revenue of $271 million.
CarMax Inc. extended a two-day decline to 22% to $144.75 after the used car retailer reported revenue declined 6% and net income fell 28% from a year ago, respectively.
The sales weakness reflected elevated used-car prices and a shift in focus to sell luxury automobiles.
China's Manufacturing Surveys Highlight Ongoing Weakness, Hong Kong Attracts Three Successful IPOs
Li Chen
30 Sep, 2025
Hong Kong
China's stock market indexes edged higher ahead of the start of the weeklong Golden Week holidays.
The Hang Seng index increased 0.2%, and the CSI 300 index edged up 0.5% after the official survey of manufacturing activities painted a gloomy picture.
The manufacturing purchasing managers' activities index was 49.8 in September, the National Bureau of Statistics reported Tuesday.
The persistent domestic demand weakness and export headwinds played key roles in contracting activities for the sixth consecutive month.
The nonmanufacturing activity index, which includes construction and services, dropped to 50 in September from 50.3 in August, data from the statistics bureau showed.
However, a private survey released Tuesday by S&P Global showed a slight increase in manufacturing activities in September.
The RatingDog China General Manufacturing PMI increased to 51.2 from 50.5 in August.
The private survey has a larger percentage of smaller and private companies, including businesses focused on export activities.
China Indexes and Stocks
The Hang Seng index increased 0.2% to 26,668.70, and the CSI 300 index advanced 0.5% to 4,642.62.
Techtronic Industries rose 1.4% to HK $99.85, Alibaba Group Holding increased 2.2% to HK $177.30, and Tencent Holdings edged up 0.2% to HK $661.50.
Semiconductor makers advanced after local reports suggested Huawei Technologies plans to double AI chip production in the near future.
SMIC rose 3% to HK$78.80, and SenseTime Group advanced 4% to HK$2.84.
Three mainland Chinese companies listed their stocks on the Hong Kong Stock Exchange.
Zijin Gold, the spinoff of Zijin Mining, soared 55% to HK$117, and the company priced its stock at HK$71.59 per share.
The company sold 349 million shares and raised HK$24.98 billion through the listing of its stock on the Hong Kong Stock Exchange.
The mining company plans to use about 33% of its offering to complete its acquisition of the Raygorodok Gold Mine in Kazakhstan.
About 90% of the offering was placed with international investors.
Singapore's GIC, the U.S.-based BlackRock, and the UK's Schroders attracted investments to the company's public offering.
Shenzhen Hipine Precision Technology soared more than 180% to HK$102.30 after the company listed its shares on the Hong Kong Stock Exchange.
The watch designer and manufacturer priced and sold 10.6 million shares at a price of HK$29.60 per share.
Pateo Connect Technology soared on the first day of trading on the Hong Kong Stock Exchange.
Pateo traded at HK$144.0, and the company sold 10.44 million shares at a price of HK$10.23 per share.