Dow briefly touches 47,000 as Wall Street looks to cap latest stellar week

US stocks were mixed on Friday, with the Dow briefly hitting 47,000 for the first time ever, as Wall Street fixated on the promise of artificial intelligence, even as a government shutdown delayed the release of the monthly jobs report.

The Dow Jones Industrial Average (^DJI) jumped as much as 1.1% before paring gains, but still on pace for a record close, The benchmark S&P 500 (^GSPC) pared gains to trade roughly flat, and the tech-heavy Nasdaq Composite (^IXIC) erased earlier gains to fall 0.5% as Tesla (TSLA) stock sank.

Wall Street has largely shrugged off the initial stages of the US government shutdown. Its impact was felt in investor circles Friday, as it delayed the release of the data, leaving Wall Street and the Federal Reserve in the dark. In its absence, Wall Street has turned to a bevy of private data that has confirmed the labor market's sharp slowdown this week.

But even amid the unanswered questions on the health of the US economy, stocks keep rising to new records, largely on the back of continued AI fervor. OpenAI's valuation climbed to $500 billion, making the company the most valuable startup in the world.

On Friday, new AI deals boosted optimism. Hitachi LTD (6501.T) teamed up with OpenAI (OPAI.PVT) on energy projects, while Fujitsu (6501.T) expanded work with Nvidia (NVDA). Other sectors also continued standout performances — most notably pharma stocks, which by one measure were headed toward their best week in over a decade.

Meanwhile, there was no immediate end in sight to the shutdown. Democrats continue to push for the continuation of healthcare subsidies as a condition of funding the government, while Republicans refuse to negotiate on the issue until the government is back up and running. At the same time, President Trump has continued to ramp up his threats to fire federal workers and defund projects in Democratic-leaning states.

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Bitcoin climbs above $123,000 per token as crypt rally gains steam

Bitcoin (BTC-USD) neared new highs on Friday to hover just below $123,000 per token.

The gains came as uncertainty from a US government shutdown rippled through markets, while seasonal tailwinds added momentum to the crypto rally.

Ether (ETH-USD) also jumped above $4,500 per token, lifted by broader risk-on sentiment.
McDonald's is bringing back Monopoly — analyst sees a menu of upside

Yahoo Finance's Francisco Velasquez reports:

Read more here.
Dow rallies past 47,000 for the first time

The Dow Jones Industrial Average (^DJI) jumped more than 1.1% to hit 47,000 on Friday.

Stocks rallied as the lack of a jobs report because of the government shutdown increased bets that the data released so far may be enough for the Federal Reserve to cut interest rates again this month.

The S&P 500 (^GSPC) also moved up 0.5% to hit new records, while the tech-heavy Nasdaq Composite (^IXIC) rose about 0.2%.
ISM data suggests ‘inflation is going to be more sticky,' Apollo Global chief economist says

The US services sector gauge from the Institute for Supply Management fell 2 percentage points to 50% in September from the previous month. The reading was below the 51.7% economists' forecast, per Bloomberg consensus data.

Business activity within the sector also fell to 49.9%, down from 55% in August. “This is the first time the index has entered contraction territory since May 2020,” the release said, noting 50% marks the breakeven point between expansion and contraction.

The prices paid for materials and services increased to 69.4% from August's 69.2%. It's now approaching October 2022's all-time high of 70.7%.

“This is telling you that maybe the inflationary pressures that are the biggest worry, and [have] been the biggest worry in many FOMC speeches, are beginning to show more signs of life,” Torsten Sløk, Apollo Global chief economist, told Yahoo Finance. (Disclosure: Yahoo Finance is owned by Apollo Global Management.)

“The higher rise in service sector inflation we just got … is suggesting that maybe inflation is going to be more sticky and more elevated,” Sløk said.

The next Consumer Price Index (CPI) report from the Bureau of Labor Statistics is expected to come out on Oct. 15 at 8:30 a.m. ET, but may be delayed if the government shutdown continues. Services make up 60% of the CPI index, whereas goods account for 40%.

The ISM's employment index also remained in contraction but increased to 47.2% in September from August's reading of 46.5%. Respondents said artificial intelligence is positively impacting resource productivity.
Utilities, Industrials hit all-time highs as AI trade expands beyond Tech

Industrials (XLI) and Utilities (XLU) hit all-time highs on Friday as the AI trade continued to expand beyond tech.

The boom in artificial intelligence is not only helping Nvidia (NVDA) and other tech players in the space. The electrical upgrade and power needs necessary for the boom have also been flying high.

Year to date, utilities and industrial stocks have outperformed the broader market, right behind tech and communications services.
Fire breaks out at Chevron refinery, oil futures rise

Chevron (CVX) stock was largely unchanged Friday after a fire broke out at the company's El Segundo refinery in Los Angeles County. There were no injuries or evacuations of nearby residents, the company said as firefighters responded to the blaze.

The fire comes amid a series of refinery closures in California that have tightened supply and ahead of a major decision by the Organization of Oil Producing Countries and its allies (OPEC+) this weekend.

West Texas Intermediate crude oil futures (CL=F) rose 0.6% to $60 a barrel, while Brent crude (BZ=F) rose 0.5% to $64 a barrel as traders braced for OPEC+ to push through more supply hikes. Oil prices have fallen roughly 7% this week and are on track for the largest weekly loss since June.
Stocks open modestly higher as government shutdown enters day 3

Stocks opened higher on Friday after the September jobs report was delayed due to the government shutdown but AI optimism continued to run high.

The Dow Jones Industrial Average (^DJI), the benchmark S&P 500 (^GSPC), and the tech-heavy Nasdaq Composite (^IXIC) all rose by around 0.1%.

The 10-year Treasury yield (^TNX) rose slightly to 4.09%, and the 30-year bond (^TYX) held pat at 4.6%.

Gold (GC=F) continued to climb to record highs at $3,906.10 an ounce. Bitcoin also rose 1% to $120,524 per token.
Why quantum stocks Rigetti and D-Wave are surging

It's been a strong week for quantum stocks.

Shares of Rigetti Computing (RGTI) powered over 4% higher in premarket trading on Friday, building on an 18% spike on Thursday. Meanwhile, D-Wave Quantum (QBTS) also added 4% premarket to Thursday's 13% gain. And Quantum Computing (QUBT) stock rose 12% over the past two days.

All three stocks were among the top trending tickers on Yahoo Finance.

Driving the stocks higher was Rigetti's announcement that it sold two 9-qubit Novera quantum computing systems for $5.7 million on Tuesday. One system was bought by an Asian technology manufacturing company, Rigetti said, while the other was purchased by a California-based applied physics and artificial intelligence startup.

D-Wave also announced this week that it was testing its technology with the North Wales Police Department “to optimize placement of police vehicles for emergency response.”

Wall Street analysts see enormous potential in quantum stocks, but the underlying technology is still considered in the developmental phase, which is why they're seen as riskier plays. While quantum computing can solve complex tasks, making them useful in certain fields, the systems are prone to errors.

And as neither company is profitable, valuations remain another concern. Despite a rocky start to the year, Rigetti and D-Wave, the two leaders in the space, have climbed 132% and 247%, respectively, year to date.
September jobs report delayed amid government shutdown

Typically, around this time, we would turn to the Bureau of Labor Statistics' monthly employment report to assess how many jobs the US added in September. Economists polled by FactSet expected the US to have added around 50,000 jobs during the month and for the unemployment rate to have held steady at 4.3%.

But with the government closed for the third day, that hotly anticipated data is delayed, leaving investors and economists to piece together a picture of a softening labor market with data from job openings, private payrolls, and other indicators.

As my colleagues Emma Ockerman and Kerry Hannon note, the longer the shutdown stretches on, the bigger a deal it will be for those awaiting the data:

Read more here.
Good morning. Here's what's happening today.
Amazon welcomes the bulls

The bulls are out in force today on Amazon (AMZN) ahead of its third quarter earnings release in a few weeks.

DA Davidson analyst Gil Luria reiterated a buy rating on Amazon, citing an increasingly upbeat outlook for Amazon AWS cloud sales. Goldman Sachs analyst Eric Sheridan also has a buy rating on Amazon today, as he is also bullish on cloud sales.

Sheridan says Amazon is a preferred name in his large-cap tech coverage. He sees Amazon AWS sales growing a steady 20% plus for the balance of this year and into 2026.

And you thought Amazon just made bank from Prime memberships. Nope!
Tesla's tax credits are ending, but the AI benefit is only beginning

Tesla (TSLA) shares are up 1% in premarket trading on Friday. But the stock fell 5% on Thursday despite better-than-expected global third quarter deliveries, which were likely lifted by customers rushing to cash in on EV tax credits before they expire.

As Yahoo Finance's Hamza Shaban writes in today's Morning Brief, the rush to cash in on tax breaks before their end comes at a moment of uncertainty for Tesla.

Read more here.
Goldman’s Solomon expects US economy, deals to accelerate

Bloomberg News reports:

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Premarket trending tickers: Applied Materials, Tesla and Hitachi

Here's a look at some of the top stocks trending in premarket trading:

Applied Materials (AMAT) stock fell 3% in premarket trading on Friday after reporting a $600 million hit to fiscal 2026 revenue after the US expanded its restricted export list in a blow to sectors such as semiconductors, aircraft and medical equipment.

Tesla (TSLA) stock rose more than 1% before the bell on Friday after a reported blowout third quarter global deliveries, as the expiration of the $7,500 federal tax credit in the US likely juiced sales.

Hitachi (6501.T) shares rose as much as 9%, the most since April 10, after the company announced a tie-up with OpenAI (OPAI.PVT).
OpenAI tie-up boosts Hitachi shares

Hitachi (6501.T) shares rose as much as 9%, the most since April 10, after the company announced a tie-up with OpenAI (OPAI.PVT), the latest in a growing list of pacts between Japanese tech firms and US artificial intelligence giants.

Bloomberg News reports:

Read more here.
Nvidia and Fujitsu agree to work together on AI robots and other technology

US technology giant Nvidia (NVDA) has teamed up with Japanese telecommunications and computer maker, Fujitsu (6702.T) and agreed to work on AI products to help deliver smart robots and other innovations using Nvidia's chips.

The news sent Fujitsu shares up by 3% on Friday.

AP reports:

Read more here.
Oil price heading towards weekly loss

Bloomberg reports:

Oil was on track for the biggest weekly decline since late June, ahead of an OPEC+ meeting that’s expected to result in the return of more idled barrels, exacerbating concerns around oversupply.

Brent (BZ=F) traded near $65 a barrel, down around 8% for the week, while West Texas Intermediate (CL=F) was below $61. The alliance is scheduled to meet online on Sunday to make a decision on output for November, and could discuss fast-tracking supply hikes as the group seeks to reclaim market share.

There are already early signs that global oversupply may be emerging in the Middle East, and the International Energy Agency expects the glut to swell to a record next year — in part due to the return of OPEC+ production. Some Wall Street banks predict Brent will slide into the $50s-a-barrel range.

Read more here.
Alibaba captures AI hope during mammoth bounce back

Alibaba (BABA) continues to attract attention from hedge funds and retail investors with hope that the companies $250 billion hot streak is set to continue.

Bloomberg reports:

Read more here.