Stock market update: Applied Digital (ADGL) jumped 30% after the datacenter builder reported strong revenue growth in its fiscal first quarter. Stellantis (STL) climbed 13% ahead of its earnings report. Levi Strauss (LEVI) slumped 7% after the denim maker issued weaker-than-expected earnings guidance for the fourth quarter.
Magnificent Seven stocks fell after President Donald Trump threatened a “massive” tariff hike against China. Apple (AAPL), Amazon (AMZN) and Nvidia all tumbled. Shares of China-related companies, including Alibaba (BABA) and Baidu (BIDU), plunged 4%.
Government shutdowns ground many functions to a halt, including the collection and release of important economic data that investors and Fed policymakers rely on. Private data providers stepped in to fill the gap, but their numbers weren’t as comprehensive. The impact of the lapse was most apparent in the September jobs report, which missed analysts’ expectations. This week, the market will focus on quarterly earnings reports and a fresh batch of economic data. We’ll hear from several major banks in the week ahead.