Wall Street Gains as Shutdown Fears Loom and Gold Soars

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•  29 Sep 2025
 

•   ACB  
   
  +2.30%
•   CCL  
   
  +0.89%
•   CGC  
   
  +0.64%
•   CRON  
   
  +0.68%
•   EA  
   
  -0.08%

Wall Street turned positive Monday despite growing concerns about a potential US government shutdown and confusion surrounding President Trump's latest tariff announcements. The S&P 500 gained 0.2% while the Nasdaq 100 strengthened 0.5%, with the Dow adding 0.1%. The 10-year Treasury yield declined to 4.14% as the dollar received a boost from August pending home sales that jumped to a five-month high. Gold continued breaking records, crossing the $3,800 per ounce threshold.

Investors worry that a federal government shutdown could delay Friday's critical September employment report, which is key to assessing the Federal Reserve's pace of future rate cuts. Markets currently price in two rate cuts by January, but any delay in employment data could heighten uncertainty and create unusual volatility. Kathy Jones, chief fixed income strategist at Schwab, noted that postponement could add pressure on markets and undermine interest rate forecasts.

Meanwhile, uncertainty surrounding Trump's trade policy adds another layer of risk. The president announced new tariff plans for the furniture and film industries, but details remain vague. Emma Wall, chief investment strategist at Hargreaves Lansdown, warned that the inflationary impact isn't yet reflected in data, especially after the recent 100% pharmaceutical tax announcement.

$ETSY skyrocketed 14% while $SHOP climbed 6%, leading e-commerce stocks higher as the holiday shopping season approaches. Both companies have been improving profitability metrics and enhancing their seller ecosystems, moves gaining traction with institutional investors.

$CCL plunged 5% despite raising its profit forecast to $2.93 billion, above estimates. After an 86% rally since April, investors believe the good news is already priced in. The company reports unprecedented demand with half of 2026 supply already booked, but the sharp decline on heavy volume suggests profit-taking.

$OXY climbed 1.1% following Financial Times reports that the company is in talks to sell its chemicals division, OxyChem, in a deal valued at approximately $10 billion. The official announcement may come within two weeks.

$NVDA rose 2.5% despite being down 3% over the past week. Year-to-date the stock is surging 33%, driven by growing demand for AI-dedicated chips. Recent agreements with OpenAI, Microsoft, and Alibaba continue cementing its position as an AI leader.

$MRUS rocketed 38% to $94.90 after Danish pharmaceutical giant Genmab announced it would acquire the company in an $8 billion cash deal at $97 per share, strengthening Genmab's oncology portfolio.

$EA weakened 0.5% after surging nearly 15% Friday to a record $193 following a Wall Street Journal report about a possible $50 billion leveraged buyout—potentially the largest of its kind.

$INTC, last week S&P 500 leader with a 20% gain, corrected downward 4% on reports the company approached Apple for investment and TSMC for development support.

$LRCX jumped 2.8% after Deutsche Bank upgraded its recommendation to "buy" and raised its price target from $100 to $150.

$TSLA added 0.7% as investors await the third-quarter vehicle delivery report. Wall Street expects approximately 447,000 vehicles a 3% decline year-over-year, potentially indicating pressures in the electric vehicle sector.

Cannabis stocks surged after Trump shared a video hinting that CBD healthcare initiatives could receive support. $CGC and $TLRY jumped 18-20% to levels not seen in recent months, while $CRON and $ACB strengthened by more than 13% providing tailwinds to companies that have faced overproduction and price erosion.

Bitcoin jumped 2.4% amid shutdown fears, though it remains 11% below last month's peak. The weakening dollar is increasing demand for digital currencies as a safer alternative during periods of uncertainty.

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