United States major benchmark averages slipped on Thursday (Friday AEDT), with the S&P 500 and Nasdaq Composite pulling back from record highs, as investors monitored the ongoing U.S. government shutdown and its potential impact on the economy.
The Dow Jones Industrial Average dropped 243.4 points, or 0.5%, to 46,358.4. The S&P 500 fell 18.6 points, or 0.3%, to 6,735.1, while the Nasdaq Composite eased 18.8 points, or 0.1%, to 23,024.6.
Both the S&P 500 and Nasdaq had hit all-time highs in the previous session, with the S&P 500 marking its eighth gain in the past nine trading days and the Nasdaq closing above the 23,000 mark for the first time.
The Dow, meanwhile, finished slightly below flat on Wednesday as blue-chip stocks lagged.
Tech shares were mixed on Thursday. Oracle and Nvidia, both major players in artificial intelligence, rose after recovering from early-week losses linked to concerns over Oracle’s cloud margins and its leasing of Nvidia chips.
Nvidia reached a new all-time high during the session.
Investors’ attention remained fixed on Washington, where the federal government shutdown entered its ninth day.
The Senate failed for a seventh time to approve a funding package, showing little progress between Republicans and Democrats.
The shutdown’s economic effects are beginning to surface. The Internal Revenue Service (IRS) announced plans to furlough nearly half its workforce, while a shortage of air traffic controllers forced the Federal Aviation Administration to delay flights across the country.
Delta Air Lines rose 4.3% after forecasting a stronger-than-expected end to 2025 and a solid start to next year, supported by higher airfares and steady demand for premium travel.
Costco gained 3.1% after posting robust September sales figures, signalling continued consumer strength.
On the bond markets, Treasury yields ticked higher. The 10-year yield climbed 0.3% to 4.723%, while the 2-year yield rose 0.4% to 3.597%.
