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Wall Street nosedives as government shutdown risks economic data delays

Gulf Today

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October 02, 2025

The main US stock indexes declined on Wednesday as investors digested soft private payrolls data, while a federal government shutdown risked delaying economic data, heightening the uncertainty around the central bank's next policy move.

Wall Street nosedives as government shutdown risks economic data delays

Traders sharply increased bets on a 25-basis-point rate cut by the US Federal Reserve at its next meeting after the ADP National Employment Report showed private payrolls dropped the most in two-and-a-half years in September.

The labour market is walking a tightrope because data needs to be soft enough to support rate cuts, yet robust enough to avoid stoking fears of a broader economic slowdown.

“ADP may, for the first time, be a closer indicator of the true level of employment,” said Jamie Cox, managing partner at Harris Financial Group.

“The Trump administration's policies are trying to transition a lot of the job growth out of the public sector into the private sector.”

At 10:08 a.m. ET, the Dow Jones Industrial Average fell 62.56 points, or 0.14%, to 46,335.33, the S&P500 lost 21.64 points, or 0.32%, to 6,666.82, and the Nasdaq Composite shed 93.94 points, or 0.41%, to 22,565.63.

Communication services shares on the S&P500 fell 1.5%, dragged by losses in Meta Platforms and Alphabet, which shed 2.8% and 1.1%, respectively.

The stocks also weighed on the Nasdaq.

The S&P 500 tech sector lost 0.4%, with Nvidia down 0.9%.

The healthcare sector hit a more than five-month high and was last up 1.4%. Moderna and Regeneron both rose more than 6.3% and were among the top performers on the benchmark index.

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