Wall Street Breakfast Senate vote triggers government shutdown, data delays
Oct 1, 2025
The U.S. government shutdown kicks off, spurred by a failed Senate vote, resulting in furloughs and halted reports. Taiwan decisively rejects a proposal to split semiconductor production with the U.S. NVIDIA hits a staggering $4.53 trillion market cap, driven by high demand for its AI chips. The S&P 500 dresses in strong Q3 performance, while lumber tariffs could skyrocket building costs by nearly $9,000. Nike hints at significant growth in its running division despite challenges in China and digital sales.
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Shutdown Halts Data And Furloughs
- The U.S. government shutdown began after the Senate failed to pass a short-term funding measure, halting many nonessential services.
- About 750,000 federal workers could be furloughed and key economic reports will be paused, which historically leads markets to often bounce back.
Markets Often Recover During Shutdowns
- Historical patterns show shutdowns typically last about a week and markets often recover quickly afterward.
- The Fed tends to act more dovish when official data stops, and the government defers roughly $400 million in daily costs.
Taiwan Rejects 50% U.S. Chip Quota
- Taiwan's vice premier denied any commitment to produce 50% of its chips in the U.S., clarifying negotiations never agreed to a 50-50 split.
- Talks with the U.S. made progress on tariffs, though a 20% levy on Taiwanese goods remains in place.