Bonds & Stocks
Futures for the Nasdaq 100 advanced 0.4% as Taiwan Semiconductor Manufacturing Co. hiked its revenue-growth target and raised its forecast for capital spending. Contracts for the S&P 500 added 0.3%, while the dollar slipped for a third day. Gold soared to as high as $4,247 an ounce, taking gains this year to more than 60% as trade frictions and expectations for further Federal Reserve interest-rate cuts lured buyers. Treasuries rose as Fed Governor Christopher Waller said officials can keep lowering rates in quarter-percentage-point increments to support the labor market. Stephen Miran advocated for a larger cut.
Economy
The government shutdown has left policymakers flying blind at a crucial moment for the US economy. Federal Reserve officials are preparing to decide in late October whether to keep lowering interest rates or hold them steady — but they’ll have to do so with limited fresh data. Several agencies that produce key economic indicators have halted most operations due to the funding lapse, including the Bureau of Labor Statistics (BLS) and the Bureau of Economic Analysis (BEA). The consumer price index, originally due Oct. 15, has been delayed until Oct. 24, while the government’s monthly jobs report and retail sales figures were postponed indefinitely.
World
India’s foreign ministry said it’s unaware of a conversation between President Donald Trump and Prime Minister Narendra Modi on Wednesday, hours after the US leader said he spoke with his Indian counterpart, who pledged to halt Russian oil purchases. US-India relations have been strained since Trump imposed a 50% tariff on goods from the South Asian nation, a move the president cast as a punishment for New Delhi’s purchases of Russian crude. On Wednesday, Trump signaled a possible resolution to the issue by telling reporters at the White House that Modi had committed to not buying oil from Russia.