October 6, 2025 — This week, the U.S. federal government shutdown dominated global market sentiment. The absence of key data such as the Nonfarm Payrolls report added to uncertainty. Over the past week, the U.S. dollar index posted its first weekly decline in three weeks, while spot gold surged above $3,900 before sharp fluctuations, and silver hit an eight-year high. Oil was the biggest loser, falling for four consecutive sessions, and U.S. equities showed structural divergence.

Equities

The Nasdaq Index hit an intraday record high, driven by chip stocks. Nvidia rose more than 2% in early trading, marking its third consecutive record close; AMD jumped nearly 4%, and Broadcom gained over 2%.

The S&P 500 and Dow Jones turned lower intraday, with the healthcare sector falling nearly 0.6%. Pfizer, Merck, and Eli Lilly each dropped over 1%, ending their two-day winning streak.

Chinese ADRs extended gains, with the Nasdaq Golden Dragon China Index up more than 2% in early trading. Alibaba surged over 5% intraday.

Tesla reported Q3 deliveries of 497,000 units, exceeding expectations, but its shares reversed from early gains to close down 1.7%.

Sector highlights:

Chip stocks: Investor optimism over AI remained strong after reports that OpenAI employees may sell shares valuing the company at $500 billion, fueling gains across the AI supply chain including Nvidia.

Healthcare stocks: Recent strong rallies paused as gains from earlier policy support (such as drug tariff exemptions) appeared fully priced in, prompting rotation into tech names.

Chinese ADRs: Valuation recovery and policy expectations continue to support sentiment, while markets watch for signs of easing in U.S.–China relations.

Edelmetalle

Gold and silver retreat from highs amid Fed hawkishness

NY gold futures fell over 1%, and spot gold dropped around 1%, retreating from intraday record highs.

Silver saw sharper declines, with futures down over 3% and spot prices down over 2%.

Fed caution weighs on sentiment: Dallas Fed President Lorie Logan said rate cuts “must be approached with great caution to avoid policy reversals,” tempering expectations for imminent easing.

Technical profit-taking: After four straight sessions of record highs, some investors took profits, though the ongoing government shutdown and geopolitical risks remain medium- to long-term supports for gold.

FX Market

The U.S. dollar index traded narrowly as markets weighed shutdown risks against divergent policy outlooks between the U.S. and Europe.

Oil Market

Oil prices extended their choppy trend, as expectations of potential OPEC+ output increases clashed with data showing declining U.S. inventories, leaving short-term direction unclear.

Key Focus Next Week

U.S. government shutdown developments: The delay of the Nonfarm Payrolls report has increased market uncertainty.

Fed speakers: Markets will watch remarks from Williams, Bostic, and others for clues on the Fed’s policy stance amid the shutdown.

Eurozone PPI: This data will provide insight into inflation pass-through, influencing expectations for ECB policy moves.