Tonight’s Highlights | U.S. September ADP Jobs Miss Expectations, Major Index Futures Slide
On Wednesday, October 1, 2025, with the U.S. government officially entering a shutdown at midnight, market tensions rose, and all three major U.S. stock index futures declined. Investors fear this shutdown could last longer than past ones, exacerbating existing economic fragility. European major indices mostly rose.
On Tuesday, the Republican-controlled Senate failed to pass a temporary funding bill, triggering the government shutdown.
Historically, stock markets have navigated government shutdowns with minimal disruption, but this time carries higher risks due to multiple economic factors. Investors remain concerned about a slowing labor market and persistent inflation risks, while U.S. stock valuations and market concentration sit at historic highs.
The market’s focus is on the shutdown’s duration, as a prolonged closure could delay critical economic data ahead of the Federal Reserve’s late-October policy meeting.
The U.S. Bureau of Labor Statistics confirmed that during the shutdown, key data releases, including the September nonfarm payrolls report (originally due Friday), will be canceled.
With official jobs data unavailable, the ADP private sector employment report released on Wednesday drew significant attention.
Pre-market data showed U.S. September ADP jobs fell by 32,000, missing expectations of a 51,000 gain and down from the prior month’s 54,000 increase.
Following the data, traders increased bets on two additional Fed rate cuts within the year.
Driven by safe-haven demand, gold hit a new record high, and Bitcoin also rose. U.S. Treasuries and the dollar remained relatively stable.
“Markets seem to be looking for a reason to pull back after defying September’s typical seasonal weakness,” said Jay Woods, chief market strategist at Freedom Capital Markets.
Woods added, “While a shutdown was widely expected, the lack of progress and urgency is unsettling investors. The backdrop of this shutdown is entirely different from 2018, the longest in U.S. history.”
Company News
Nike Q1 Revenue $11.72 Billion, Up 1.1%
On September 30, Nike reported Q1 revenue of $11.72 billion, up 1.1% year-over-year, with EPS of $0.49 compared to $0.70 last year. Gross margin fell to 42.2% from 45.4%. Cash and equivalents dropped 17% to $7.02 billion. Nike rose over 4% pre-market on the results.
U.S. Court Dismisses Arm’s License Violation Claims Against Qualcomm Subsidiary
On September 30, Qualcomm announced that a Delaware federal judge ruled in its favor, dismissing Arm’s lawsuit and confirming that Qualcomm and its subsidiary Nuvia did not breach Nuvia’s license agreement with Arm. Qualcomm acquired Nuvia for $1.4 billion in 2021 for Arm-based chip products.
Arm alleged Qualcomm used its technology without paying higher fees, breaching the license. In December 2024, a Delaware jury found Qualcomm did not violate the agreement.
ExxonMobil Announces 2,000 Global Job Cuts
On September 30, ExxonMobil announced it will cut approximately 2,000 jobs worldwide as part of a long-term reorganization, consolidating smaller offices into regional hubs to focus on core growth projects.
Pfizer Strikes Deal with U.S. Government to Lower Drug Costs
On September 30, Pfizer announced an agreement with the Trump administration to ensure lower prescription drug prices for U.S. patients. Pfizer committed to measures aligning U.S. prices with those in other developed nations and pricing new drugs consistently with major markets.
Pfizer will join the TrumpRx.gov platform, offering up to 85% (average 50%) discounts on most basic treatments and select specialty drugs. Specific terms remain confidential.
NIO: September Deliveries Hit 34,749 Vehicles, Up 64.1%
On October 1, NIO announced September deliveries of 34,749 vehicles, a monthly record, up 64.1% year-over-year. Q3 deliveries reached 87,071 vehicles, a quarterly high, up 40.8%. Cumulative deliveries through September 30, 2025, totaled 872,785 vehicles.