S&P 500 and Nasdaq reach ATH despite the US Shutdown – Market wrap for the North American session - October 1

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Log in to today's North American session Market wrap for October 1st

The US government shutdown officially kicked in, but beyond a brief selloff in the US Dollar — which stopped well short of breaking any key levels — markets have largely brushed it aside:

US equities reversed early weakness seen in futures and at the open, with both the Nasdaq and S&P 500 climbing to fresh all-time highs by the close.

In commodities, gold extended its rally, coming within just $5 of the $3,900 mark in yet another push toward uncharted territory.

With the dollar under pressure but not yet cracking, and risk assets pushing higher, investors seem willing to ignore Washington headlines — at least for now.

In terms of geopolitcs, Hamas are expressing new demands regarding the deal, with an official response expected to release in less than three days.
Egypt, Qatar and Turkey, the three top Hamas mediators are pressing the organization to accept the deal.

In Europe, a new Russian aerial invasion was spotted in Norway overnight.

Markets haven't seem to care much overall but watch for headlines about a NATO response, still not expected by much but always a possibility:

European nations are discussing the placement of a "Drone-Wall" and many NATO military assets are being moved to strategic regions in Eastern Europe.

Read More:

• Crypto demand spikes as US Government shutdown looms and data delays hit markets
• US Equities face uncertainty as US Government Shutdown begins – S&P 500, Nasdaq and Dow Jones outlook
• USD lower, Stocks higher from the US Government shutdown — North American mid-week Market update

Cross-Assets Daily Performance

Cross-Asset Daily Performance, October 1, 2025 – Source: TradingView

Look at the beginning of Month asset inflows have brought in sudden flows to Cryptocurrencies which largely take the lead in asset performance.

EU Stocks did show an impressive performance throughout the session, with the positive sentiment in Equities spreading to the US as the US Government shutdown gets progressively disregarded by all types of markets.

Even the US dollar ended up ranging after its overnight correction.

Once again, expect a volatile month (as a matter of fact, keep your expectations high throughout the rest of the year!)

A picture of today's performance for major currencies

Currency Performance, October 1 – Source: OANDA Labs

The US dollar corrected from its earlier session lows back to almost unchanged on the day, with the CAD and CHF moving lower instead.

About the Swissie, it has been suffering throughout the past few sessions again many majors, and particularly against the Yen.

The Japanese currency is actually finishing on top again followed by a Kiwi mean-reverting higher today.

Check out our recent yen analysis right here!

A look at Economic data releasing in tonight and tomorrow's sessions

For all market-moving economic releases and events, see the MarketPulse Economic Calendar.

The session isn't over for NZD traders with a test for the currency coming up soon: The New Zealand trade data is releasing later tonight (21:30 ET) at the same time as their Financial Stability release (keep an eye on this for the NZD).

Tomorrow's session should be a bit more special however, with the Jobless claims that won't get released due to the Government shutdown and the Bureau of Labor Statistics not receiving the funding to maintain its activity.

The same should happen for Friday's Non-Farm Payrolls.

US Challenger job cuts (7:30 A.M. ET) could be pretty interesting in the absence of much labor data (after today's ADP miss).

Back to the Pacific later in the day, Australia will release their Services PMI data later in the evening.

Japan will then get the spolight with their Employment figures at 19:30 and Bank of Japan Governor Ueda speaking tomorrow night.

Safe Trades!

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