The S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) both opened Wednesday’s trading session in positive territory, although the momentum faltered with QQQ closing in the red and SPY closing slightly in the green.
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White House Press Secretary Karoline Leavitt warned that inflation and jobs data for October will likely never be released amid a halt of federal economic data stemming from the government shutdown.
“The Democrats may have permanently damaged the federal statistical system with October CPI and jobs reports likely never being released,” said Leavitt, adding that economic data could be “permanently impaired.” That creates a major issue for the Fed ahead of its December 9-10 Federal Open Market Committee (FOMC) meeting, as it uses the data to guide its monetary policy decisions.
The House will vote on a government shutdown resolution bill this evening after the House Rules Committee cleared the measure this morning. The chamber is expected to approve the bill and send it to President Trump, who has already voiced his support. The two approvals would put an end to the longest government shutdown on record, currently in its 43rd day.
This evening, Trump is also expected to host a dinner at the White House with top financiers, including JPMorgan Chase (JPM) CEO Jamie Dimon, Goldman Sachs (GS) CEO David Solomon, and BlackRock (BLK) CEO Larry Fink. Trump has previously held dinners with corporate leaders, including one with tech CEOs in September, in order to deepen relationships and promote domestic investment and manufacturing.
Meanwhile, Goldman Sachs has warned that the S&P 500 (SPX) is at risk of facing a decade of underperformance in comparison with the rest of the world. Strategists at the bank led by Peter Oppenheimer forecast the benchmark index to return 6.5% annually over the next decade, falling behind Europe at 7.1%, Japan at 8.2%, Asia ex-Japan at 10.3%, and emerging markets at 10.9%.
“We expect higher nominal GDP growth and structural reforms to favor EM, while AI’s long-term benefits should be broad-based rather than confined to US technology,” wrote the strategists in a note.
Finally, Atlanta Fed President Raphael Bostic announced that he would retire once his five-year term expires in February 2026. Bostic said in a speech on Wednesday that he prefers a steady rate until there is “clear evidence” of inflation winding down to the Fed’s target of 2%.
The S&P 500 (SPX) closed with a 0.06% gain, while the Nasdaq 100 (NDX) fell by 0.06%.
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