Stock indexes are mostly higher today, with the Nasdaq 100 hitting a new all-time high. Chipmakers and AI-infrastructure stocks lead the market higher, driven by optimism in the AI sector. The US government shutdown enters its second week, affecting market sentiment and delaying economic reports.

Expectations of additional Fed easing, political uncertainty in France and Japan, and the ongoing US government shutdown are driving investors to safe-haven assets like gold and Bitcoin. Gold and Bitcoin hit new record highs today, supporting the “debasement trade” as investors seek refuge from fiat currencies.

Corporate earnings expectations are positive for stocks, with over 22% of S&P 500 companies expected to beat Q3 earnings estimates. However, Q3 profits are projected to rise by the smallest margin in two years, while sales growth is slowing. The markets are pricing in a 95% chance of a -25 bp rate cut at the next FOMC meeting.

Cryptocurrency-exposed stocks rally as Bitcoin hits a record high. Advanced Micro Devices, Super Micro Computer, and Marvell Technology are top gainers. Critical Metals Corp surges after reports of US government interest. Comerica rises after a merger agreement, while Firefly Aerospace and Micron Technology also see gains.

Abercrombie & Fitch and Shake Shack decline after analyst downgrades, while Verizon Communications and AT&T see losses. Nvidia falls after a competitor’s deal with OpenAI. Bath & Body Works also dips. Earnings reports for Aehr Test Systems and Constellation Brands Inc are expected on 10/6/2025.

Read more at Nasdaq: Stocks Supported by AI Spending