US stocks moved higher on Friday after retreating from record highs, as data-starved investors waited for a reprieve from the government shutdown that stretched into a 10th day.
The Dow Jones Industrial Average (^DJI) added 0.2%, while the S&P 500 (^GSPC) and the tech-heavy Nasdaq Composite (^IXIC) nudged up more than 0.1%.
Markets have had an uncertain week, pulled in different directions by AI demand hopes and US government shutdown worries. The S&P 500 and Nasdaq Composite look set for small weekly wins in morning trading Friday, while the Dow is eyeing a decline.
Gains for Nvidia (NVDA) have helped spare Wall Street gauges from an even deeper drop. The AI bellwether is poised on Friday to build on the previous day’s all-time high, even as China cracks down on its chips. Optimism for AI demand got a boost as Applied Digital (APLD) posted a quarterly revenue beat, fueling a 30% surge in the data center developer’s stock.
Gold (GC=F) rose to above $4,000 an ounce, recovering from a dip in earlier morning trade to return to rally mode. The hunt for havens also lifted silver (SI=F), which jumped for a second day as it continued to outpace gold’s gains.
The ongoing shutdown has weighed on spirits as it delays the release of official economic data watched closely by Wall Street and the Federal Reserve. That said, cracks in Republican resolve are appearing, raising the chances of an end to the political gridlock and funding stoppage.
Meanwhile, the Bureau of Labour Statistics has recalled furloughed staff to prepare the September edition of the Consumer Price Index — a key indicator of inflation — for release by the end of October, Bloomberg reported. The CPI update was originally due next week, on Oct. 15.
Any private data is still in focus while the data void persists, and the University of Michigan’s reading on consumer sentiment in October is likely to grab attention on Friday morning. Investors are looking for reasons to reset expectations for two Fed interest-rate cuts this year.
After recent days’ flurry of third-quarter results, investors are counting down for earnings season to start in earnest next week, led out by JPMorgan (JPM) and Citigroup (C). Performance is expected to be softer, with analysts betting tariffs will bite into revenue for the quarter.
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