The “Charging Bull” statue at Bowling Green in New York’s Financial District.
Drew Angerer | Getty Images
Investors continue to pile into stocks, undeterred by a government shutdown or shaky jobs data, with all three benchmarks hitting record highs Thursday.
With the Senate not meeting yesterday because of Yom Kippur, the U.S. government stayed shut for a second day. Treasury Secretary Scott Bessent told CNBC on Thursday that economic growth could take “a hit” because of the shutdown. Investors seem to have dismissed those concerns.
The jobs market already seems quite battered, at least in terms of new hirings.
Year-to-date hiring is down 58% from the same period a year ago, to hit its lowest level since 2009, based on data from outplacement firm Challenger, Gray & Christmas.
But the jobless level has stayed at 4.34%, according to a relatively new set of data indicators compiled by the Chicago Federal Reserve. This echoes Fed Chair Jerome Powell’s description of the economy as one that is “low fire, low hire.”
Granted, those numbers are not from the Labor Department. We’re patching together a picture from different sources. That’s like trying to recreate New York food truck Halal Guys’ famous white sauce but ending up with an ordinary mayonnaise — but it is still a spread that adds some value in the absence of the real thing.
Markets are taking all that in their stride as they scale new peaks. Joining the party was the world’s most valuable company, Nvidia, which hit an all-time. Intel, though it is still far from its high in 2021, also rose to deliver 50% gains to investors over the last month amid a series of successful tie-ups.
Tom Lee, head of research at Fundstrat, predicts that the S&P 500 could reach 7,000 by year-end. With markets looking unperturbed, that might turn out true sooner if nothing serious comes in the way of the bulls.
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And finally…
A small replica of the Charging Bull statue is seen on a street vendor stall outside the New York Stock Exchange on July 11, 2025.
Jeenah Moon | Reuters
Retail rush in private markets is alarming institutional investors: ‘Bigger issues down the road’
For decades, private markets have been the preserve of pension funds, endowments and sovereign wealth giants. Now, that exclusivity is fading. More wealthy individuals are getting invited into a club reserved for long-term investments from large institutions — and that is ruffling feathers.
During the Milken Institute Asia Summit held in Singapore, experts warned that retail inflows could distort pricing, erode returns and destabilize fund structures designed for long-term investments or patient capital.
— Lee Ying Shan