Stock market recap: Nasdaq Composite and S&P 500 edge lower as U.S. shutdown hits day 10

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Ivan Andriyenko

10.10.2025

Stock market recap: Nasdaq Composite and S&P 500 edge lower as U.S. shutdown hits day 10 — Markets pause amid shutdown, Asia slides.

U.S. stock futures were little changed Friday as the federal government shutdown stretched into a tenth day, starving investors of fresh economic data and sapping momentum after record highs earlier in the week.

Contracts tied to the Dow Jones Industrial Average, S&P 500 and Nasdaq 100 hovered just above unchanged as traders waited for clarity on when key releases—including jobs and inflation prints—might resume. Across regions, sentiment was fragile: Europe was mixed amid French political uncertainty and weak labor signals in the U.K., while Asia broadly declined on profit-taking in richly valued technology shares and renewed U.S.–China trade frictions.

Global indexes

- S&P 500: 6 735,11, -0.28%

- NASDAQ Composite: 23 024,626, -0.08%

- Dow Jones Industrial Average: 46 358,42, -0.52%

- FTSE 100: 9 510,81,+0.02%

- NIKKEI 225: 48 088,80, -1.01%

- HSI: 26 290,32, -1.73%

- SHANGHAI Composite: 3 897,028, -0.94%

U.S. markets

Futures action was subdued after equities retreated from records, with the absence of government data leaving the Fed and markets without near-term macro signals.

The shutdown has delayed the Bureau of Labor Statistics’ September jobs report, complicating rate-path assessments. Valuation questions in AI-linked names—after a powerful semiconductor rally—also cooled risk appetite. Investors are watching for corporate guidance in the coming earnings stretch to justify elevated multiples.

European markets

European equities were mixed as political risk in France stayed front-of-mind. President Emmanuel Macron convened major parties as he approaches a deadline to nominate a new prime minister, keeping OAT–Bund spreads under scrutiny.

The pan-European Stoxx 600 was marginally lower at 571.20.

Germany’s backdrop was soft but not decisive for trade, while the U.K.’s FTSE 100 slipped 0.2% as S&P Global reported permanent job placements fell at the slowest pace in a year, with candidate supply rising amid weaker staff demand. Bank and energy shares offered only limited support.

Asian markets

Asia broadly declined as investors took profits in tech leaders following warnings from the IMF and Bank of England about valuation excesses reminiscent of the dot-com era.

The Nikkei 225 fell 1.0% to 48,088.80 into a three-day weekend as questions lingered over coalition dynamics for new LDP leader Sanae Takaichi.

Chinese equities weakened: the Shanghai Composite slid 0.9% to 3,897.03 and Hong Kong’s Hang Seng dropped 1.7% to 26,290.32 after China tightened rare-earth export rules and the U.S. proposed restrictions affecting Chinese airlines on Russia-overflight routes.

Summary conclusions

With the shutdown extending the data drought, markets are leaning on micro drivers—earnings, corporate guidance, and sector flows—rather than macro prints.

Near-term volatility may remain contained if policy rhetoric stays steady, but any prolonged stalemate that delays core indicators could widen uncertainty premia.

Investors will watch U.S. reopening headlines, France’s cabinet resolution, and AI-themed tech earnings for the next catalyst. Until then, a “wait-and-verify” stance prevails.

In an earlier report, we noted that Nasdaq Composite extends 6-day record streak despite overvaluation warnings.

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