S&P 500 Sets Fresh Intraday Record, Government Shutdown Enters Day 9

Barry Adams
09 Oct, 2025
New York City

Benchmark indexes on Wall Street scaled fresh records on Thursday, and investors prepared for a flood of earnings next week. 

The S&P 500 index decreased 0.2%, and the tech-heavy Nasdaq Composite edged down 0.1%, but they created new intraday record highs at the opening. 

There is no official economic data scheduled to release on Thursday due to the ongoing government shutdown. 

The U.S. Senate failed to pass a short-term budget for the sixth time after Democrats voted against the spending plan and held out for a revision in the healthcare premium subsidy for the low-income individuals. 

Gold hovered near a record high as individual investors and central banks continued to increase exposure to the precious metals and lighten their holdings of the U.S. Treasury notes.

U.S. and global investors are increasingly avoiding U.S. dollar-denominated assets as the dollar's status as a reserve currency faces closer scrutiny amid elevated U.S. debt levels, the Trump administration's attacks on the Fed's independence, and prolonged government shutdowns. 

 

U.S. Stock Movers 

Bassett Furniture Industries decreased 1.8% to $16.50 despite the company reporting improved sales and net income swinging to a profit.

Revenue in the third quarter rose to $80.1 million from $75.6 million, and net income per share increased to a profit of 9 cents, compared to a loss of 52 cents a year ago. 

PepsiCo increased 0.7% to $139.80 after the beverage and snack company reported better-than-expected results in the third quarter. 

Net revenue increased 2.6% to $23.9 billion from $23.3 billion, net income attributable to shareholders eased to $2.6 billion from $2.9 billion, and diluted earnings per share decreased to $1.90 from $2.13 a year ago. 

“Our reported net revenue growth accelerated and reflects the resilience of our international business, improved momentum within North America Beverages, and the benefits of our portfolio reshaping actions,” said Chairman and CEO Ramon Laguarta. 

The company guided 2025 organic revenue to increase in "low single digits" and core constant currency earnings per share to match the prior year's level. 

Delta Air Lines increased 5.9% to $60.50, and the international carrier's third-quarter results surpassed market expectations, and it issued a strong outlook.

Total operating revenue in the third quarter increased by 6%, reaching $16.7 billion, up from $15.7 billion; net income rose by 11% to $1.41 billion, compared to $1.27 billion; and diluted earnings per share increased to $2.17 from $1.97 a year ago. 

The airline guided fourth-quarter revenue to rise between 2% and 4% from a year ago and adjusted earnings per share between $1.60 and $1.90. 

Costco Wholesale Corp. advanced 1.4% to $928.10 after the membership warehouse club operator reported monthly sales data.

Sales in the five-week period ended October 5 rose 8% to $26.58 billion, and the U.S. same-store sales advanced 5.1% in the period.