US Government Shutdown Begins: Market Impact and Company News

US Government Shutdown

• 🏛️ The US government has officially shut down for the first time in nearly 7 years due to a missed midnight funding deadline.
• 📉 An estimated 750,000 federal workers now face furloughs, with potential for permanent layoffs.
• ⚠️ The economic fallout is expected to deepen, with key data releases like non-farm payrolls being delayed.

Market Reactions

• 📊 Wall Street futures slipped following the shutdown announcement.
• 🥇 Gold hit a record high, while the dollar is holding near a one-week low.

Oil and OPEC+

• 🛢️ Oil prices steadied after a two-day decline as traders await the OPEC plus meeting.
• 📈 Sources reported OPEC+ could boost production by up to 500,000 barrels per day, but OPEC has stated no such plan is on the table.

Company Highlights

• 👟 Nike beat expectations on profit and revenue, signaling progress in its turnaround, though it anticipates a modest sales decline this quarter and warned of a $1.5 billion hit from US tariffs.
• 🚗 Tesla's key third-quarter sales figures are due today, with analysts expecting a sharp rise in EV sales fueled by expiring discounts.
• 💊 Pfizer secured a three-year exemption from planned pharma tariffs in exchange for lowering US drug prices, with other drug makers like Eli Lilly in talks for similar deals.