"With much of the workforce at federal agencies furloughed today, and the rest presumably just trying to keep up with work on a skeleton crew, there's no new government data coming out to help the market today - but also no bad news getting published. True, yesterday Treasury Secretary Scott Bessent warned that the shutdown threatens us with "a hit to the GDP,"
""Markets run in cycles," said the Goldman CEO at Italian Tech Week in Turin, Italy, on Friday. "And whenever we've historically had a significant acceleration in a new technology that creates a lot of capital formation, and therefore lots of interesting new companies around it, you generally see the market run ahead of the potential ... there are going to be winners and losers.""
On Day 2 of the 2025 government shutdown the Vanguard S&P 500 ETF closed at a record high and was up 0.1% premarket as Day 3 began. Large portions of federal agencies are furloughed, leaving no new government data available and reducing the flow of potentially negative economic reports. Treasury Secretary Scott Bessent warned of hits to GDP, growth, and working Americans. President Trump suggested using the shutdown to cut jobs, while the CBO estimates up to 750,000 federal employees could be furloughed, weighing on jobs data. Goldman Sachs CEO David Solomon warned that market cycles and technology-driven capital formation will create winners and losers.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]