Equity Markets Mixed Intraday as Government Shutdown Delays Jobs Report

02:31 PM EDT, 10/03/2025 (MT Newswires) -- US benchmark equity indexes were mixed intraday as a federal government shutdown entered its third day, delaying the highly anticipated September jobs report.

The Nasdaq Composite was down 0.4% at 22,744.6 after midday Friday, while the Dow Jones Industrial Average rose 0.7% to 46,829. The S&P 500 was little changed at 6,715.9. On Thursday, the three indexes closed at new all-time high levels.

Among sectors, consumer discretionary saw the steepest drop intraday Friday, while utilities paced the gainers.

The government shutdown started Wednesday after US lawmakers failed to agree on a key spending bill.

The Senate was scheduled to vote Friday on short-term funding bills to end the shutdown, though Democrats are likely to block the measure backed by the chamber's GOP majority, CNN reported. The parties continue to be in a deadlock over enhanced Obamacare subsidies, according to the report.

The official nonfarm payrolls report for last month, that was scheduled for an 8:30 am ET release on Friday, was delayed because of the shutdown.

Two surveys painted a mixed picture of the US services sector for September, with Institute for Supply Management data showing a surprise stagnation and S&P Global (SPGI) indicating slight deceleration in growth.

Employment remained in contraction last month amid delayed hiring efforts and difficulty searching for qualified staff, said Steve Miller, chair of the ISM's services business survey committee.

"With the Federal Reserve potentially having to deliberate with less data than usual, the importance of the ISM index has increased," TD Economics said. "This (ISM) report will help firm expectations for the (Fed) to continue cutting at its next meeting."

Separately, BMO Capital Markets said that the delay in key economic data releases has put the central bank in "a tough spot." If other macro indicators also "land on the soft side, (the Fed) will likely bite its lip over sticky inflation and cut rates again later this month," the firm wrote.

US Treasury yields were higher intraday, with the 10-year rate rising 2.1 basis points to 4.11% and the two-year rate adding 1.7 basis points to 3.57%.

In company news, a US Army battlefield communications system being developed by Palantir Technologies (PLTR) and Anduril has been labeled a "very high risk" due to serious security vulnerabilities, Reuters reported, citing an internal Army memo. Palantir (PLTR) shares slumped 8.5%, the worst performer on the S&P 500.

UnitedHealth Group (UNH) shareholder Accountability Board called for the health insurance giant to separate the roles of board chair and chief executive. UnitedHealth (UNH) shares were up 1.6% intraday, among the top gainers on the Dow.

White Mountains Insurance (WTM) agreed to sell a controlling stake in Bamboo to funds advised by CVC Capital Partners in a deal that values the insurance distribution platform at $1.75 billion. White Mountains shares surged 11%.

West Texas Intermediate crude oil was up 1% at $61.09 a barrel.

Gold rose 0.9% to $3,904 per troy ounce, while silver added 3% to $47.75 per ounce.

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