Macro update
Wall Street hits fresh records:
The Dow Jones, S&P 500, and Nasdaq 100 all closed at new all-time highs, with modest gains led by strength in technology stocks.
Payrolls data delayed:
The release of monthly non-farm payrolls, originally scheduled for today, has been postponed due to the ongoing government shutdown.
Jobs and policy outlook:
With the shutdown stalling official labour data, investors have turned to private surveys, which indicate soft hiring trends. Markets now broadly anticipate two more Federal Reserve (Fed) rate cuts this year, including one in October.
Global markets:
Asian equities rallied to record highs, Europe’s STOXX 600 also reached a new peak, while gold hovered near record levels and the Japanese yen was on track for its strongest week since May.
Dow Jones hits record closing high
The Dow Jones Industrial Average closed at a record high of 46,589 on Thursday, slightly below its September intraday peak of 46,714, which remains in sight.
Minor support below these levels may be found around Thursday’s low of 46,284 and the 11 September high of 46,137.
Further support sits between the 5 September high of 45,770, the August peak of 45,757, and the previous week’s low of 45,667. Only if this area is breached might a retracement toward the July peak and early September low of 45,296 to 45,017 ensue.