Corporate Deal Making Booms, Indexes Scale New ReHighs, Shutdown Approaches Second Week

Barry Adams
07 Oct, 2025
New York City

Popular indexes on Wall Street flatlined after scaling new highs this week and extending a nine-month rally.

The S&P 500 index decreased 0.1%, and the tech-heavy Nasdaq Composite declined 0.2% amid growing worries about stretched valuation. 

The yield on 10-year U.S. Treasury notes increased to 4.17%, and the U.S. dollar index inched higher 0.3% to 98.44. 

The S&P 500 index notched up its 32nd new record high, and the Nasdaq touched its 31st new record high as of the close of Monday as investors overlooked the ongoing government shutdown. 

The shutdown has delayed the release of payroll data, international trade statistics, and a budget statement. 

Despite the statistical data blackout, investors are holding out for at least two more rate cuts this year. 

The S&P 500 index and the Nasdaq Composite are hovering in record territory, driven by AI-linked circular trade as the leading tech companies plow billions of dollars into data centers and advanced chips. 

On the earnings front, investors are awaiting results from Pepsi and Delta Air Lines, and major banks are scheduled to release their quarterly results next week. 

 

U.S. Stock Movers 

Trilogy Metals Inc. soared 224% to $6.79 after the U.S. government acquired a 10% stake in the mineral explorer in Alaska for $35.6 million. 

"The Company has a 50% interest in the 190,929-hectare Upper Kobuk Mineral Projects, which hosts numerous areas containing high-grade volcanogenic massive sulfide and carbonate replacement-style polymetallic zones of mineralization," according to the company's website. 

Constellation Brands rose 2.5% to $143.60, and the company's quarterly results surpassed market expectations. 

The distributor of beer, wine, and spirits retained its lowered annual outlook, citing macroeconomic headwinds. 

AEHR Test Systems dropped 21% to $24.84, and the company that tests semiconductor equipment reported adjusted earnings per share of 1 cent on revenue of $11 million in its latest quarter. 

The company also refused to reinstate its annual outlook, citing ongoing tariff-related uncertainty. 

Intercontinental Exchange Inc. jumped 3.2% to $164.03 after the company took a $2 billion stake in the prediction markets platform operator Polymarket. 

The latest investment values the consumer-focused company at $8 billion.