The September CPI, delayed due to the government shutdown, rose 0.3% month-on-month, better than the expected 0.4%. The annual rate fell to 3%, also better than the forecast and previous value of 3.1%, though still well above the Fed’s target.

September CPI inflation data was not released due to the government shutdown. Financial leaders MS and BAC both reported earnings well above expectations. ASML also beat estimates on both results and backlog, lifting stock index futures sharply higher. The Russell 2000 broke to a new all-time high, and the Dow 30 almost fully recovered last Friday’s losses. Tech stocks were relatively weak, with the Nasdaq 100 and S&P 500 closing lower yesterday.

 The U.S. government shutdown has entered its third week. Trump has again softened his stance on China tariffs. After Friday’s sharp drop, futures rebounded strongly before the open. The Q3 2025 earnings season begins tomorrow, and market focus will shift to corporate results. Today is Columbus Day in the U.S.; the bond market is closed. Canada’s stock market is also closed for Thanksgiving.

The U.S. government shutdown continues. The release of last month’s FOMC meeting minutes, originally scheduled for this afternoon, has been postponed. It’s unclear whether several Treasury auctions will proceed as planned. With no major macro news, the market has moved sideways at high levels for four straight days.

The U.S. government shutdown has entered its second week. Japan elected its first female prime minister, Sanae Takaichi. She supports an expansionary fiscal policy and is expected to continue Abenomics. Her political stance is far-right. The Tokyo Stock Exchange surged +4.75% on Monday, hitting a record high.

Today is the first day of the U.S. government shutdown. Instead of falling, the stock index hit a record high. Since 1990, the government has shut down six times, and each time the stock market still closed higher.

September, known as the “worst month” in US stock history, has closed.