Investors are keenly observing the ongoing government shutdown as it reaches its third day, with hopes for signs of progress from Capitol Hill. Surprisingly, the stock market continues to thrive amidst the uncertainty, with all three major indexes hitting record highs yesterday. President Donald Trump remarked that the shutdown presents him with an “unprecedented opportunity” to curb Democratic initiatives. With the Bureau of Labor Statistics unable to release its nonfarm payrolls report due to the closure, economists are turning to alternative data sources for insight into the labor market’s condition. Despite the political turbulence, all major averages—including the small-cap focused Russell 2000—are poised to finish the week on a positive note. Additionally, shares of USA Rare Earth have soared in extended trading after CEO Barbara Humpton confirmed ongoing close communication with the Trump administration.
In entertainment news, Tesla and SpaceX’s CEO, Elon Musk, has publicly targeted Netflix, urging his followers on social media to cancel their subscriptions “for the health of your kids.” His criticism seemingly centers around Netflix’s animated show “Dead End: Paranormal Park,” which features a transgender character and was recently canceled. Netflix’s stock has dropped 4% this week, although the company has not provided a comment regarding Musk’s remarks.
In the tech sector, PerplexityAI is responding to escalated competition in artificial intelligence by opening up access to its AI-powered web browser, Comet, making it free for users worldwide. Previously, this feature was limited to Perplexity Max subscribers at a monthly fee. The company’s CEO, Aravind Srinivas, is scheduled to appear on CNBC’s “Squawk Box” later today.
A new report reveals a troubling trend for recent college graduates: attaining a bachelor’s degree is no longer a guaranteed pathway to securing a white-collar job. This shift has led to what one labor think tank describes as “no country for young grads,” impacting how policymakers interpret labor market health and significantly altering the experiences of fresh graduates.
Finally, fans of Taylor Swift can rejoice as they plan their trips to Target for the vinyl edition of her latest album, “The Life of a Showgirl.” Notably, the pricing of vinyl records, CDs, and cassette tapes remains unaffected by tariffs due to a Cold War-era exemption, which is significant for Swift’s fan base, as initial estimates indicate that vinyl sales of her new album may surpass 1 million copies in its first week.
