Equity Alert
Indices in the US post record highs as technology stocks gain
This story was originally published at 08:21 IST on 3 October 2025
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Equity Alert: Indices in the US post record highs as technology stocks gain
MUMBAI--0730 IST--Benchmark indices in the US closed at their highest levels Thursday, buoyed by gains in technology stocks after traders shrugged off concerns around the ongoing US government shutdown. Traders focussed on weaker-than-expected private sector jobs data from payroll company ADP and other private sources after key economic data from the US labour department was delayed, owing to the first government shutdown in seven years. Lacklustre jobs data from private sources shored up bets for an interest rate cut by the US Federal Reserve in its October meeting.
The technology-heavy Nasdaq Composite index rose 0.4%, the S&P 500 was marginally up and the Dow Jones Industrial Average advanced 0.2%. The three indices were up for the fifth consecutive session. Shares of technology companies such as Nvidia, Broadcom, Apple, and Advanced Micro Devices rose 0.6-3.5%. Shares of chip giant Nvidia posted a record high Thursday.
US private-sector businesses lost 32,000 jobs in September, CNN Business said in a report, citing data from ADP report Wednesday. The previously estimated 54,000 payroll gains for August were downwardly revised to a decline of 3,000, CNN Business reported. US Treasury Secretary Scott Bessent said Thursday that US economic growth could be hurt by the government shutdown. Traders are factoring in a 97% probability of an interest rate cut of 25-basis points by the US Fed this month, up from 85.5% a week ago, according to the CME Fedwatch tool.
Among others, shares of Tesla fell over 5% after the electric vehicle maker gave up gains from earlier in the session after a strong quarterly deliveries report. Analysts flagged risks to sales in upcoming quarters due to the withdrawal of the $7,500 federal tax credit, a report by Reuters said. Shares of credit bureaus Equifax and TransUnion fell 8.5% and 10.6%, respectively, after Fair Isaac Corp. launched a program that could allow mortgage lenders to gain access to credit scores without relying on the bureaus, according to a Reuters report. Fair Isaac's shares jumped nearly 18%. Shares of Occidental Petroleum fell more than 7?ter the company said it would sell its petrochemical division to Berkshire Hathaway for $9.7 billion.
Following are the closing levels of US indices Thursday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6715.35 |
0.06 |
|
NASDAQ Composite |
22844.05 |
0.39 |
|
Dow Jones Industrial Average |
46519.72 |
0.17 |
(Eshitva Prakash)
End
US$1 = INR 88.69
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Tanima Banerjee
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