U.S. Markets Navigate Government Shutdown and Weak Jobs Data, Tech and Lithium Shine

Market Overview - U.S. stock markets showed resilience despite a government shutdown and disappointing employment data, with major indexes stabilizing and some turning positive by midday [1][2] - The S&P 500 was virtually unchanged, the Nasdaq Composite remained flat, and the Dow Jones Industrial Average added 18 points, indicating a quick market adjustment to the shutdown [3] Economic Data - The ADP Employment Report revealed a surprising decline of 32,000 jobs in September, contrasting with expectations of a 45,000 increase, marking the largest drop in private payrolls in two and a half years [5] - The ISM Manufacturing Index indicated weaker-than-expected manufacturing activity, contributing to a challenging economic backdrop [6] Upcoming Economic Reports - The government shutdown is anticipated to delay key economic reports, including weekly jobless claims and the Consumer Price Index (CPI) inflation data, adding uncertainty for investors [7] Company News and Stock Movements - Nike's shares surged over 4% after exceeding analysts' expectations for profit and revenue, driven by strong growth in North America [8] - Lithium Americas Corp's stock jumped over 25% following confirmation of a $2.26 billion loan from the U.S. government [8] - Nvidia rallied after CoreWeave announced a $14.2 billion AI cloud deal with Meta Platforms, with Nvidia reportedly surpassing a $4.5 trillion valuation [12] - UiPath's stock rose more than 8% due to partnerships with major tech companies for AI-driven automation [12] - Pfizer led gains in the S&P 500 after reaching an agreement to cut drug prices [12] - Rocket Companies completed a $14.2 billion acquisition of Mr. Cooper Group, uniting major players in the mortgage sector [12] - Corteva's shares declined by 6.6% after announcing a split into two independent companies [12] - Cal-Maine Foods fell by 1.6% after missing quarterly profit and revenue expectations [12] - Reddit Inc's stock dropped 8.2% due to reduced usage of its content in ChatGPT responses [12] - United Natural Foods, Inc. soared 18.5% after reporting fourth-quarter revenues that exceeded estimates [12]