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The final full trading week before the Thanksgiving holiday was another eventful one for the market. A slew of data that was delayed because of the shutdown was finally released, and equity markets experienced a high level of volatility as questions about the future of AI are still dragging on the Nasdaq.

On Tuesday, weekly unemployment claims for the first four weeks of the shutdown were released. They showed that between 220,000 and 235,000 people applied for benefits during this time period. This was roughly in line with what analysts had expected for those weeks and consistent with what the Fed believed the employment situation to look like during the information blackout.

On Thursday, reports for the following three weeks impacted by the shutdown were released. During that period there was a range of 220,000 to 229,000 requests for benefits, which was again generally in line with expectations.

Also on Thursday, the October jobs report was released, which was based on nonfarm payroll changes in September. During the month of September, the economy added 119,000 jobs, which was a bit of a surprise. In August, the economy lost 4,000 jobs following a gain of just 73,000 jobs in July. It was expected that the economy to have gained 53,000 jobs in September.

The Fed has a lot to consider before its December meeting. As of now, the Fed Funds Rate is at about 4 percent, and many voting members within the FOMC have said that the terminal rate is likely lower.

However, the minutes of the last FOMC meeting were released on Wednesday and did little to clarify what the Fed might do next. One key takeaway is that not all voting members believe tariffs are going to lead to inflation. Combined with a surprise jump in employment numbers, there is little reason to have any conviction as to whether additional cuts are coming in the near future.

Finally, on Friday, the Flash Manufacturing PMI and Flash Services PMI were released. The Flash Manufacturing PMI came in at 51.9, which was what analysts expected prior to the release. The Flash Services PMI came in at 55, which was also almost perfectly in line with analyst expectations.

The S&P 500 closed the week down 136 points to close at 6,602, which was a loss of 2.02 percent. However, a complete bloodbath was avoided as the index closed up 0.98 percent for the day on Friday. For the week, the market made a high of 6,764 on Thursday and a low of 6,548 on Friday morning.

The Dow was down 1.86 percent to close the week at 46,245, which was a loss of 879 points this week. As with the S&P 500, the Dow was able to pare some of its losses on Friday as the index finished the final trading day of the week up 493 points. On Monday, the index opened at the weekly high of 47,190 and made a low of 45,815 on Friday morning.

Finally, the Nasdaq was also down this week losing 675 points to finish Friday’s trading at 24,239. As with the S&P 500, the Nasdaq made its high of the week on Thursday and its low of the week on Friday. The high of the week was 25,151 while the low was 23,949.

In international news, Great Britain announced on Wednesday that its inflation rate was 3.6 percent on an annualized basis. On Friday, the country announced that retail sales were down 1.1 percent in October. On Monday, Canada announced that its median inflation rate was 2.9 percent on an annualized basis.

The upcoming week will be a frontloaded due to the Thanksgiving holiday. Retail sales data and monthly price change data will be released on Tuesday while Core PCE Price Index and preliminary GDP data is tentatively set to be made public on Wednesday.

The government shutdown is finally over after President Trump signed a bill reopening Washington for business late in the week. This means that a number of reports that were postponed because of a lack of government funding are likely to be issued at some point in the coming days.

The Bureau of Labor Statistics (BLS) is scheduled to release the September jobs report on Thursday. It’s worth noting that the figures may be incomplete or an estimate as not all data has been collected or thoroughly analyzed. The BLS also warns that the October jobs report that was due out earlier in November may not be released at all because of a lack of information.

As part of the bill, all federal workers who worked without pay will receive retroactive compensation. Furthermore, thousands of workers who were terminated or facing termination will either be reinstated or have their terminations cancelled.

The reopening of the government will likely cause some short-term chaos as states will need time to send out SNAP benefits and other benefits delayed by the lack of funding. In addition, it may take time for airports to get back to full capacity as air traffic controllers slowly return to work. It’s estimated that the shutdown will ultimately result in a 0.1 percent to 0.2 percent drop in current quarter gross domestic product.

One of the silver linings is that the government will be collecting inflation, employment and other important data going forward. This will likely provide some clarity for the Fed as they decide whether further rate cuts are warranted as the year comes to a close.

The S&P 500 was relatively quiet in spite of the end of the shutdown. For the week, the index was down 66 points, which is a loss of about 1 percent, to close at 6,738. Despite the pullback, the market is still up about 2 percent over the past month and is up more than 13 percent over the past 12 months. Over the last five days, the market made a high of 6,863 on Wednesday and a low of 6,660 on Friday morning.

The Dow was flat this week finishing down 39 points, which was a drop of about 0.08 percent. At the close of trading Friday, the index was at 47,171, which is still near yearly and all-time highs. On Wednesday, the market made its high of the week peaking at 48,369 while it made a low of 46,923 on Friday.

Finally, the Nasdaq was the most volatile market this week falling 429 points to close at 25,007. This was a loss of 1.69 percent for an index that is up nearly 20 percent over the past 12 months. However, in the short-term, questions about AI and other economic headwinds may cause some volatility that must be navigated.

Internationally, Australia announced on Wednesday that its economy added 42,000 jobs over the last month, and the country’s unemployment rate is 4.3 percent. On Thursday morning, Great Britain announced that its GDP dropped 0.1 percent over the past month. Switzerland announced that it had reached a deal to lower export tariffs from 39 percent to 15 percent. In addition, the country would invest $200 billion in the United States by 2028.

The upcoming week is going to feel more like normal as a number of reports will be issued. In addition to the September jobs reports, the Fed will be releasing the minutes from its most recent meeting. Friday, the Flash Manufacturing PMI and Flash Services PMI will be released. Unemployment claims numbers for the week will likely be released on Thursday assuming that sufficient data has been collected.

The government shutdown has now dragged on for more than 5 weeks, which means it is officially the longest on record. It also means that the October jobs report scheduled to be released on Nov. 7 was delayed indefinitely. This is the second consecutive month that the report has failed to be released on time, and there are doubts as to whether it will be released at all.

However, some clues may be gleaned from the release of the ADP nonfarm payroll report on Wednesday. It was found that the economy added 42,000 jobs, which was slightly more than the expected increase of 32,000. It was significantly higher than last month’s report when the economy lost 29,000 jobs. Whether this is a sign that the economy will continue to teeter on the edge of growth instead of moving toward recession won’t be known for several more weeks as jobs reports are often revised.

A couple of other important reports were released this week in the form of the ISM Manufacturing PMI and the ISM Services PMI. The ISM Manufacturing PMI was released Monday and came in at 48.7, which was roughly in line with the projected 49.4. However, it was slightly lower than last month’s 49.1. Regardless, it indicates that manufacturing is in a minor contraction.

The ISM Services PMI was released on Wednesday and came in at 52.4, which was much higher than the projected 50.7. It was also higher than last month’s reading of exactly 50. This continues a pattern established over the past several months in which the pace of manufacturing declines while demand for services continues to grow.

Also on Friday, the University of Michigan released its consumer sentiment and inflation expectations data. The preliminary numbers found that consumer sentiment was 50.3 while respondents believed that inflation would be at 4.7 percent 12 months from now.

The S&P 500 was down more than 1.8 percent this week to close at 6,728. That was a loss of 129 points for an index that has seemingly been making or matching yearly and all-time highs on a weekly basis. On Monday morning, the market made its high of the week at 6,857 before spending the next few days in freefall. It hit its low on Friday morning when it bottomed out at 6,634.

The Dow also lost more than 1 percent over the past five trading days closing at 46,987. This represents a loss of 527 points for an index that has had few losing weeks since April and is still challenging to meet or break all-time highs. Monday morning, the index peaked at 47,489 and would make its low of the week Friday morning when it fell to 46,530.

The Nasdaq also finished the first week of November lower. It fell by 4.1 percent on fears of a potential AI bubble dragging on some of the market’s top companies. The index finished the week at 25,059, which was more than 1,000 points lower than it began on Monday. The Nasdaq made a weekly high of 26,023 on Monday. On Friday, the market made its weekly low of 24,631.

In international news, the Swiss government announced early Monday that inflation was down 0.3 percent over the past month. Later Monday, Australia announced that the nation’s key interest rate would remain at 3.6 percent. Thursday, Great Britain announced that it would also retain the status quo by keeping its key interest rate at 4 percent. Finally, on Friday, Canada announced that its unemployment rate was 6.9 percent while the economy added 66,000 jobs over the past month.

If the government shutdown ends, United States inflation data will be released on Thursday. On Friday, retail sales and price change data will be released assuming that the government is back open for business. However, there is little reason to believe that this will happen. Internationally, Australia is set to release unemployment change data while Great Britain will release GDP figures.