In a day marked by significant market activity, the stock market saw the Dow, S&P 500, and Nasdaq reach new all-time highs, continuing their upward trajectory as the U.S. government shutdown entered its second day. Amid rising market optimism, Nvidia marked its sixth consecutive day of gains, reflecting the longest streak of positive movement since late June.
Despite a dip in the Health Care Select Sector SPDR (XLV) on Thursday, it remains poised for its strongest weekly performance since June 2022, highlighting resilience within the healthcare sector. Treasury Secretary Bessent expressed concerns during a “Squawk Box” interview that ongoing government shutdown could impede economic growth. Investors are encouraged to tune in for insights from Chicago Fed President Austan Goolsbee, scheduled for an interview on Friday at 8:30 a.m. ET.
On the energy front, the Energy Select Sector SPDR Fund (XLE) is experiencing its worst week since late June, with oil prices sliding to a four-month low amid worries over market oversupply. Occidental Petroleum was one of the day’s most notable laggards, witnessing a more than 7% drop in its stock value following Berkshire Hathaway’s announcement of a substantial $9.7 billion acquisition of its petrochemical unit.
In the cryptocurrency sector, Coinbase recorded an impressive gain of over 7%, marking its best day since late June and extending its winning streak to five days, the longest since November 2024. This surge comes amid renewed interest as Bitcoin surpassed $120,000 for the first time since August, signaling a resurgence in the digital currency market.
Conversely, private equity firms such as KKR, Apollo Global, Blackstone, TPG, and Blue Owl Capital have faced substantial declines, each dropping over 10% in the past two weeks. In contrast, shares of Carlyle Group have remained positive year-to-date, as rising default rates raise concerns among investors regarding alternative asset management firms.
In potential acquisition news, Wedbush’s Dan Ives suggested that Lyft could be a target for acquisition within the next six to nine months. He noted that as the ridesharing industry contends with the emergence of autonomous vehicles, it may become appealing to larger tech companies for mergers and acquisitions. Lyft shares have seen a remarkable increase of 90% since April, significantly outpacing Uber’s 33% gains during the same period.
Lastly, the quantum computing sector experienced a boost as Rigetti Computing enjoyed its best day since mid-July. This rally was triggered by news that the owners of Novo Nordisk and the Danish government are backing a monumental venture fund aimed at becoming the world’s largest in the quantum domain, reflecting Europe’s ambition to enhance its technological leadership.
