It's Nov. 4, 2025, Day 35 of the U.S. government shutdown, giving it the dubious distinction of tying the existing record, which was set in 2018. And with no end in sight, it's almost certain to become the new standard for legislative stalemate.
For most of the time, the market has been operating swimmingly, with stocks touching records. But today, the market is retreating, with worries about the rally nudging to the forefront. Among the worries: valuations, concern about an AI bubble, and traders timming bets on a December interest rate cut from the Federal Reserve.
The Nasdaq Composite is down 1.72%, the small-cap-centric Russell 2000 is off 1.26%, and the S&P 500 (1.09%) and Dow (-0.59%) are trailing as well.
Tuesday Reading:.
At the same time, the so-called debasement trade could be unwinding, with gold and bitcoin registering declines. The crypto is even at a 4 1/2-month low. And Treasurys and the Dollar Index are rising amid the rate-cut skepticism.
Today's action could turn out to be a blip -- but outside the strong companies leading the market's charge, cracks among the smaller stocks are appearing, and investors would be wise to take notice.
And withal, it's Election Day, which means it's time to get your ballot in to any local or statewide elections. To see what's on your ballot or make a plan to vote today, check out vote.org.
TurboTax Via TheStreet
-- Noah Weidner, Markets Reporter
