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The markets were undeterred by the fact that the United States government is still largely shut down. Several news reports were postponed to a later date, including the release of the September jobs report, which was scheduled to be released two weeks ago.

Inflation, price change and unemployment claims data have also been sidelined for the time being. The latest CPI report is scheduled to be released on the 24th if the shutdown ends by then. However, the September jobs report is no longer scheduled to be released this month, and unemployment claims data for next week has also been removed from the schedule.

This could imply that there is no expectation that the impasse in Washington is going to end anytime soon. Democrats refuse to vote for a stopgap funding measure absent an extension of subsidies for those who access health insurance via the Affordable Care Act. Republicans say that they will offer a vote on an extension in exchange for a vote to end the shutdown.

According to Treasury Secretary Scott Bessent, the shutdown is causing an estimated $15 billion in losses per day. There are also worries that greater damage could come as furloughed workers are in danger of missing a second paycheck. President Donald Trump has said that some members of the FBI and military are getting paychecks.

Despite the uncertainty in Washington, the S&P 500 was up 0.44 percent to close at 6,664 on Friday. The low of the week came on Tuesday when the index dipped to 6,564 while the high of the week came the next day when the market peaked at 6,720. This represented an all-time high for the index that is up 14 percent over the past year.

The Dow was also higher this week closing up 0.64 percent to finish at 46,190 at the end of trading on Friday. Over the past five trading days, the market made a low of 45,532 on Tuesday and a high of 46,637 on Wednesday. As with the S&P 500, the Dow is also near all-time highs and is up almost 7 percent since this time last year.

Finally, the Nasdaq was up 0.78 percent this week to close at 24,817. Like the other two markets, this index made its low of the week on Tuesday and its high on Wednesday. The low was 24,301 while the high was 24,920. Over the last 12 months, the index has gone up almost 23 percent.

Gold and silver both continued their historic runs this week to make fresh all-time highs. Gold nearly reached $4,400 an ounce while silver made a run at $54 an ounce during the middle of the week.

In international news, Australia announced on Wednesday night that its economy had added roughly 15,000 jobs and that the nation’s unemployment rate increased to 4.5 percent. On Thursday morning, Great Britain announced that its gross domestic product was up 0.1 percent over the past month, which matched analyst expectations.

The upcoming week is full of tentatively scheduled news events in the United States. In addition to inflation data, the Flash Manufacturing and Flash Services PMI reports will be released. In addition, the revised University of Michigan consumer sentiment and inflation expectations reports will be made public in addition to new home sales data. Canada and Great Britain will also report inflation data throughout the week for those who keep an eye on foreign news events.

The government shutdown dragged into a second week, which means that a couple of major announcements were put off again. First, the release of the September jobs report was moved to October 17th while the unemployment claims data for the past week was also postponed.

The main event of the week occurred on Wednesday when the minutes of the most recent FOMC meeting were released. They showed that the Fed is largely divided over how fast to ease monetary policy. While some believe that there should be another two rate cuts in 2025, others think that easing should occur more slowly.

A lack of data is likely preventing the Fed from moving off that stance for now as it’s unclear when new information about the job market will be released. Furthermore, there is still some lingering uncertainty over whether tariffs will lead to higher inflation. The expected release of the Price Producers Index (PPI) next week may give some clues about inflation.

The other important data point released this week were the consumer sentiment and inflation expectation reports produced by the University of Michigan. Consumer sentiment came in at 55, which was higher than the expected 54.1. Respondents believed that the inflation rate would be 4.6 percent 12 months from now.

It was also announced Friday afternoon that President Trump planned to lay off thousands of government workers. Typically, workers are furloughed during a shutdown and given backpay when the government opens again. However, there are questions as to whether those laid off will be rehired or if those who remain furloughed will get backpay. Trump did announce members of the military would continue to be paid.

The S&P 500 lost 2.69 percent this week to finish at 6,552 at the close of trading on Friday. This was a loss of 181 points for the index that was flirting with all-time highs..

The Dow also fell by 2.6 percent this week to close at 45,479 at the end of the day on Friday. This was a loss of more than 1,200 points for another index that has approached yearly and all-time highs in recent weeks. On Monday, the Dow opened at its weekly high of 46,820 before reversing and sliding most of the week.

Finally, the Nasdaq lost 2.49 percent this week to close at 24,221. This was a loss of 621 points for an index that has outperformed its major rivals for most of the year. On Friday morning, the market peaked at 25,177 before reversing and closing at the low of the week.

In international news, New Zealand announced that it was going to lower its key interest rate by 50 basis points to 2.5 percent. Analysts expected the country’s central bank to only cut by 25 basis points. On Friday, Canada announced that its unemployment rate remained steady at 7.1 percent while the economy added more than 60,000 jobs over the last month.

The main event this coming week will be the PPI figures and retail sales numbers for the past month. However, this will not happen if the government shutdown is not over by Thursday. In addition, the September jobs report will be issued Friday if the shutdown ends. Jerome Powell is scheduled to speak on Tuesday, and his words will undoubtedly cause some market volatility.

The government shutdown that began Wednesday was the true main event of the week as it meant that the jobs data was not released as scheduled Friday morning. It also means that the Fed may have to make future monetary policy decisions somewhat blind as other data points may be withheld as the shutdown continues. It’s likely it will be a few more days before the government reopens.

A shutdown will likely have significant economic impacts regardless of its duration as thousands of workers will be furloughed. The federal government may also lose out on multiple sources of revenue as parks and other institutions that it runs will be closed or limited to the public. However, both parties have dug in their heels and look like they may be ready for a prolonged battle.

The ADP version of the nonfarm payroll report was released on Wednesday. It revealed that the economy shed 32,000 jobs compared to an expected gain of about 52,000.  The previous month’s report was also revised downward to a loss of 3,000 jobs.

While the ADP and BLS versions of the nonfarm payroll report often differ, they generally align on the overall trajectory of the job market. Of course, this situation may be exacerbated if federal government employees are terminated instead of merely being furloughed.

On Tuesday, the JOLTS report came out and revealed that there were 7.23 million job openings in the United States, which was roughly in line with analyst expectations. The CB Consumer Confidence report also came in at 94.2, which was below the expected 96 and lower than the 97.8 posted last month.

Wednesday also featured the release of the ISM Manufacturing PMI. It came in at 49.1, which effectively matched analyst expectations. On Friday, the ISM Services PMI came in at 50 compared to an expected 52.

Despite the shutdown, the S&P 500 finished the week up by 43.93 points to close at 6,715. On Tuesday afternoon, the market made a low of 6,646 before reversing course and climbing on Wednesday and Thursday. On Friday afternoon, the index reached its weekly high of 6,749.

The Dow also closed the week higher, finishing up 572 points to close at 46,758. On Tuesday, the index made its low of the week when it dipped to 46,137. By Friday, the index broke the 47,000 threshold before reversing in the afternoon.

Finally, the Nasdaq also finished the week higher, closing up 140 points to end Friday at 24,785. As with the other two indexes, the Nasdaq made its low for the week on Tuesday and its high of the week on Friday. The weekly range was 24,529 to 24,943.

In international news, Australia decided on Tuesday morning to keep its interest rate steady at 3.6 percent. On Thursday morning, Switzerland announced that inflation had dipped by 0.2 percent over the last month. Thursday night, Japan’s central bank leader said that the country may increase interest rates if the nation’s economy continues to recover.

The coming week will have continued uncertainty as there is no indication that the government will reopen. However, if it does, unemployment claims data will be released Thursday while the nonfarm payroll numbers for September will be released on Friday. The University of Michigan will also release its inflation expectation and consumer sentiment reports on Friday regardless of what happens.