Nasdaq 100 and S&P500: Tech Stocks Waver as Shutdown Clouds Fed Outlook

Which Stocks Are Moving as We Approach the Mid-Session

AppLovin surged 8.5% to 636.90 after strong inflows and bullish order flow. PayPal gained 5.67% to 75.33 on reports of renewed cost-cutting initiatives.

AMD jumped 4.59% to 213.07 as traders continued piling into chip names tied to AI themes.

On the downside, MicroStrategy slid 5.79% to 338.85 as Bitcoin retreated, while Booking Holdings fell 3.41% to 5,235.16 after trimming its forward outlook.

What’s the Trade If the Shutdown Drags On?

The Senate failed again Monday to pass a funding bill that would keep the government open through November 21. The 60-vote threshold means at least eight Democrats would have to cross party lines—an outcome that currently looks unlikely.

President Trump claimed progress was being made, but Senate Minority Leader Chuck Schumer quickly pushed back, calling the statement “not true” on X.

With the political stalemate deepening, investors rotated into safe-haven assets, sending gold futures above $4,000 per ounce for the first time. In the absence of economic data, traders are now zeroing in on Wednesday’s Fed minutes and remarks from key officials including Michelle Bowman, Stephen Miran, and Neel Kashkari. In this data blackout, Fed commentary becomes the main trading cue.

The S&P 500 and Nasdaq remain within reach of all-time highs, but the market is now betting on Fed dovishness without confirmation from the underlying economy. If the shutdown continues and uncertainty builds, traders may be forced to reassess whether the rally still has legs—or if it’s time to fade it.

More Information in our Economic Calendar.