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Tech Stock Buyers Emerge as Shutdown Extends: Closing Bell
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October 2, 2025
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10:05Now PlayingWatch comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec.
The bullish momentum in US technology stocks won out after a rally to fresh highs was tested by the Trump administration’s plan to slash “thousands” of federal jobs in the second day of a government shutdown.
The Nasdaq 100 ended Thursday higher, climbing to a second-consecutive record after an OpenAI share sale bolstered optimism for artificial intelligence. The deal catapulted the firm to the world’s most valuable startup with a valuation of $500 billion. The Philadelphia Semiconductor Index jumped 1.9%, led by Advanced Micro Devices Inc. and Intel Corp. The S&P 500 eked out a 0.06% gain, erasing a 0.3% drop.
Investor jitters driven by the Trump administration’s plans were largely overlooked by the end of the session. Republicans sought to use the threat of permanent cuts to encourage Democrats to vote to reopen the government. Trump plans to meet with White House Budget Director Russell Vought to discuss the plan.
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