Squawk on the Street SOTS 2nd Hour: Shutdown Impact w/Apollo's Chief Economist, Fresh Jobs Data, & Movers to Know (Nike, Pfizer & more) 10/1/25
Oct 1, 2025
Adam Parker, Chief Investment Officer at Trivariance, shares insights on the pressure markets face due to the government shutdown. He discusses the implications for Q4 performance and how AI could drive productivity gains, especially in healthcare. The dialogue also delves into Nike's surprising revenue growth and its strategies for regaining market share. Additionally, the conversation touches on the IPO of Fermi, an AI data-center REIT, and Neptune's entry into the flood insurance market, which highlights evolving investment landscapes.
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Shutdown Shifts Market Breadth
- The market opened lower as the government shutdown began, pressuring cyclicals while defensives held up.
- Torsten Slok and hosts noted the shutdown's immediate market impact is limited but could worsen if prolonged.
AI Productivity Drives Market Thesis
- Adam Parker highlighted that AI-driven productivity is a primary bullish pillar for markets into 2026–27.
- He warned many seemingly diverse sector bets are highly correlated to AI semiconductors, raising concentration risk.
ADP Signals Labor Softening
- ADP reported a surprise drop of 32,000 private-sector jobs and revised August sharply lower.
- Hosts noted ADP is a useful indicator now because the official jobs report may be delayed by the shutdown.