Your Evening Briefing

October 01, 2025

The S&P 500 and Nasdaq-100 notch new closing highs as investors shake off the government shutdown

A surprise drop in private payrolls boosted traders’ confidence in two more rate cuts in 2025, despite the Federal government shutdown that could delay key economic data, including Friday’s jobs report.

The S&P 500 notched a fresh all-time high, crossing above the 6,700 level for the first time. The Nasdaq-100 also closed at a new all-time high, while the Russell 2000 powered higher in the final hours of the session.

Healthcare was the best-performing sector ETF for the second day in a row as the Trump administration will not be imposing tariffs on pharmaceutical companies by the deadline it had initially given them, according to a White House official. Pharma stocks Eli Lilly, Amgen, Roche, and GSK all rallied on the news.

Other stocks that moved higher:

Plug Power soared on a flurry of bullish options activity after the company announced that it delivered the first electrolyzer to a refinery in Portugal.
Nike extended its rally as investors and analysts processed the sneaker giant’s stronger-than-expected Q1 results.
EV maker ChargePoint jumped as the last rush by car-buyers to take advantage of Biden-era federal EV incentives has put a bunch of new EVs on the road.
- Tesla’s September sales rose in France and Denmark for the first time this year and continued to grow in Norway and Spain.
- Ford sales climbed for the 7th-straight month as EVs hit a quarterly record.
Lithium Americas spiked on plans for the Department of Energy to take 5% stake in exchange for early access to financing and deferred debt service.
Intel jumped on reports that it’s in talks with AMD to come aboard as a customer for Intel’s troubled contract chip manufacturing division, known as a foundry.
AI medical diagnostics company Tempus AI shares rose following yesterday’s executive order promoting AI to produce solutions for pediatric cancer.
Federal immigration and prison operator GEO Group popped on yesterday’s announcement that it has won a new contract with ICE to continue in its role as a vendor of electronic monitoring.
Strategy rallied following IRS interim guidance that would remove the 15% Corporate Alternative Minimum Tax for unrealized gains on bitcoin holdings.

Stocks that moved lower:

Reddit sank amid elevated trading activity, seemingly driven by reports on social media that suggest ChatGPT is using Reddit content as a source much less often.
Amazon launched Amazon Grocery, a new private-label food brand that combines its Fresh and Happy Belly lines into one collection, sending grocery-selling rivals Target, Walmart, Kroger, and Costco lower.
Power turbine maker GE Vernova dipped after RBC analysts cut their rating on the stock.

OK, so when was the longest shutdown in US history?

The US government officially shut down at 12:01 a.m. today after senators failed to agree on a last-minute funding bill. Read more.

What is quantitatively the “Worst. Episode. Ever”? We charted all 790 episodes of The Simpsons.

“The Simpsons Movie 2” set for release two decades after first film. This could be a perfectly cromulent way for the franchise to embiggen their audience.

Read more.

Microsoft announced that the cost of its top-tier monthly gaming subscription, Xbox Game Pass Ultimate, is rising to $30 per month, up from $20. The 50% increase will be followed by an already announced boost to the price of Xbox consoles later this week. Read more.

Rising ambitions and skyrocketing costs: Here’s what we know about Project Stargate
As the number of gigawatts and GPUs grows, so do the questions about how the massive data center project will be paid for.
Have chicken strips become the fast-food panic button of 2025?
McDonald’s, Taco Bell, and now Wendy’s have all added variations on the theme this year.
Co-CEOs are back in Corporate America — and Wall Street isn’t sure what to make of it
Dual leadership has boosted shareholder returns historically, though evidence on operations is thin.
Meta will begin using your AI chats to target you with ads
The monetization of Meta’s expensive AI gambit has begun.
AppLovin gets new Street-high price target from BofA, as it’s “likely to become a required channel” for DTC e-commerce companies
AppLovin CEO Adam Foroughi said the real “fun” starts today, as the company opens its self-service ad portal on a referral basis to onboard new advertisers.
Analysts weigh in on DraftKings’ tumble: One sees a “back up the truck” opportunity to buy the dip
Wall Street analysts reacted to yesterday’s sharp slide of online gambling stocks.
Apple reiterates plans to “partner with other generative AI chatbots” besides ChatGPT
Apple’s lawyers made the statement in a filing to dismiss Tesla CEO Elon Musk’s lawsuit.

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