Stocks are coming off record highs, but the week ahead may be quieter for markets, with government data frozen, key Fed speakers on deck, and big names like PepsiCo, Delta, and Levi Strauss set to report earnings.
Shutdown Freezes Key Data — But Fed and Markets Keep Moving
The US government shutdown has entered its second week, halting major economic releases including jobless claims, trade data, and wholesale inventories. However, several crucial reports remain on schedule — notably the Federal Reserve’s September meeting minutes and the University of Michigan’s consumer sentiment index, expected Friday.
Since the Fed isn’t affected by congressional funding, central bank operations — including speeches from Chair Jerome Powell, Vice Chair Michelle Bowman, and Governor Stephen Miran — will continue. Miran, who has argued for deeper rate cuts, is also set to speak Tuesday, giving investors more insight into the Fed’s internal debates.
Treasury Secretary Scott Bessent will join Powell at the Fed’s Community Bank Conference on Thursday, a key event for gauging Washington’s policy tone amid the ongoing shutdown.
Corporate Spotlight: PepsiCo, Delta, and Levi’s Lead Earnings Week
Earnings season stays light but significant.
- Constellation Brands (STZ) kicks off the week Monday after slashing guidance in September.
- PepsiCo (PEP) and Delta Air Lines (DAL) headline Thursday, alongside Levi Strauss (LEVI), Applied Digital (APLD), and Tilray Brands (TLRY).
- Amazon (AMZN) will host its Prime Big Deal Days sale on October 7–8, offering a real-time snapshot of consumer strength.
- Meanwhile, OpenAI’s DevDay Conference on Monday could unveil major product updates, keeping tech investors alert.
Macro Focus: Fed Cuts, Metals Rally, and Market Calm
Despite the data void, markets remain resilient. The S&P 500, Dow, and Nasdaq all closed last week at record highs. Analysts note that in every government shutdown since 1995, stocks have delivered positive returns — and this time appears no different.
Traders are pricing in a 97% chance of another 25-basis-point rate cut at the October FOMC meeting. Meanwhile, gold remains near record highs above $3,990/oz, up 47% year-over-year, with silver and platinum also rallying on a weaker dollar and rising geopolitical risks.
Energy transition metals — including lithium, copper, and cobalt — continue to draw attention after the Trump administration confirmed new equity stakes in US lithium projects.
This Week’s Key Events (All ET):
Monday, Oct. 6
– OpenAI DevDay conference
– Earnings: Constellation Brands (STZ)
Tuesday, Oct. 7
– Consumer credit (Aug.)
– Fed speakers: Stephen Miran, Michelle Bowman, Raphael Bostic
– Amazon Prime Big Deal Days begins
Wednesday, Oct. 8
– FOMC September meeting minutes
– Earnings: McCormick (MKC)
Thursday, Oct. 9
– Fed Chair Jerome Powell, Treasury Secretary Scott Bessent speak
– Earnings: PepsiCo (PEP), Delta Air Lines (DAL), Levi Strauss (LEVI), Applied Digital (APLD), Tilray Brands (TLRY)
Friday, Oct. 10
– University of Michigan Consumer Sentiment (Oct. preliminary)
Markets are brushing off Washington’s gridlock, but the real test will come from Fed minutes, consumer sentiment, and corporate earnings. With stocks at record highs and gold shining, investors are betting the rally survives the data blackout — as long as the Fed stays dovish and the shutdown ends soon.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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