IXIC: Nasdaq Futures Slide After Senate Fails to Cut a Deal — Government Shutdown Begins

Stocks retreated across the board after Trump and the Republican-controlled Senate couldn’t find a way to keep the funding going.

🏛 Shutdown at Midnight, Markets React

• Nasdaq Composite IXIC futures dropped 0.6% early Wednesday, with S&P 500 futures off 0.5% and Dow futures down 0.4% as investors braced for the fallout of the government shutdown.
• The lights went out at 12:01 a.m. after the Senate failed twice on Tuesday to pass a temporary funding bill. Democrats pushed to include extensions of health-care tax credits, while Republicans balked.
• President Trump said a shutdown was “probably likely,” pointing fingers at Democrats. Lawmakers, predictably, blamed each other for the mess.

🧐 Why This Shutdown Feels Different

• Historically, shutdowns have been background noise for markets. But this time, traders worry the timing collides with a weak labor market, sticky inflation, and heightened Fed pressure.
• Key economic data could go dark. The Labor Department confirmed it would suspend releases, meaning Friday’s nonfarm payrolls report won’t see daylight if the shutdown lingers.
• Without NFP, ADP’s private-sector jobs report Wednesday morning suddenly becomes a lot more relevant for traders watching the Fed’s October meeting.

📰 Elsewhere in the Market Mix

• Going around the room, sneaker giant Nike laced up strong quarterly numbers, with shares up more than 4% after hours on a surprise fiscal Q1 earnings and revenue beat.
• CoreWeave popped 12% after inking a monster $14.2 billion cloud deal with Meta. Spotify fell 4.2% as founder Daniel Ek said he’s stepping down as CEO.
• Firefly stock crashed 21% after a test rocket exploded during stage trials. Meanwhile, gold stayed solid near $3,860, holding its role as the market’s go-to panic hedge.