Dow, S&P 500 manage to record closing highs

The S&P 500 eked out a record closing high in a volatile session Friday, with interest rate cut expectations holding up as the US government shutdown went on for a third day.

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The Dow also posted a record closing high, but the Nasdaq ended lower.

The S&P 500 technology sector eased, with shares of Applied Materials declining 2.7% after the chip-equipment maker late Thursday forecast a $600-million hit to fiscal 2026 revenue.

Shares of Tesla were 1.4% lower, while utilities rose 1.2% and led gains among S&P 500 sectors.

The US nonfarm payrolls report for September was due for release on Friday, but was not published due to the government closure. Investors were still able to digest a survey by the Institute for Supply Management (ISM), which showed the services employment index contracted for the fourth consecutive month. The news underscored the case for more interest rate cuts from the US Federal Reserve.