Stock Market Today: Dow Hits Record as Shutdown Deal Nears, Tech Stocks Falter

U.S. stocks were mixed on Wednesday, with the Dow Jones Industrial Average nearing a new record as hope grew that Congress would vote to end the historic government shutdown. Meanwhile, Big Tech shares struggled, keeping broader gains in check.

The Dow (DJI) rose 0.7% to trade above 48,200, on pace for a second straight record close. The S&P 500 (GSPC) hovered near the flat line, while the Nasdaq Composite (IXIC) slipped 0.3% as profit-taking hit major technology names, including Nvidia, Tesla, and Apple. Traders also kept one eye on Washington, where a key House vote could finally bring the monthslong shutdown to an end.

Market Movers:

• ​On Holding (ONON) +24% — Shares surged after posting another strong quarter, driven by rising footwear demand and solid Asian sales that nearly doubled from a year earlier. The company raised its full-year outlook, forecasting 34% revenue growth and higher margins on improved operational efficiency, giving investors confidence heading into the holiday season.
• Perion Network (PERI) +14% — The ad-tech firm jumped after a strong quarterly report that topped Wall Street expectations on both revenue and earnings. Executives said the “Perion One” platform is driving unified ad performance and operational efficiency, and the company reaffirmed full-year guidance while signaling a strong 2025 pipeline.
• AMD (AMD) +7% — AMD climbed after its CEO unveiled an aggressive long-term growth outlook tied to AI. The company now sees the data center AI market reaching $1 trillion by 2030 and projected gross margins of up to 58%, citing new design wins and strong demand for its Instinct GPUs used by seven of the top 10 AI firms.
• Alcon (ALC) +5% — The company rallied after beating profit expectations and reaffirming full-year guidance. Management cited strong equipment sales and robust demand for new products, including the PanOptix Pro lens, while noting that tariffs would modestly pressure costs but be offset by efficiency gains.
• Circle Internet (CRCL) -7% — The stablecoin issuer behind USDC fell even after topping earnings estimates, as investors reacted to rising operating expenses and cautious forward guidance. The company reiterated that USDC circulation should grow at a 40% compound rate but flagged margin pressure from regulatory compliance and infrastructure costs.
• Stereotaxis (STXS) -15% — Shares tumbled after the company reported a 19% drop in quarterly revenue and issued guidance that fell short of Wall Street expectations. Management projected Q4 growth but acknowledged ongoing sales delays, tempering expectations for a near-term rebound.

Shutdown End in Sight as Market Awaits Vote

Investors welcomed signs of forward movement in Washington, where the House is expected to hold a vote late Wednesday on the Senate’s funding bill. If passed, the legislation would allow the government to reopen after the longest shutdown in US history. The White House said President Trump could sign the measure as soon as tonight.

The end of the shutdown could free up key economic data that has been frozen for weeks, although officials warned that October’s jobs and inflation reports may never be published due to disrupted collection. The data gap has left the Federal Reserve navigating policy with limited visibility, heightening uncertainty ahead of the central bank’s December meeting.

Fed in Focus Amid Policy Divide

Federal Reserve officials set a more cautious tone on Wednesday as the debate over further rate cuts grew. Atlanta Fed President Raphael Bostic announced plans to retire in February, adding a new vacancy to the central bank’s leadership at a critical moment.

Other policymakers, including Trump’s newest appointee Stephen Miran and Governor Christopher Waller — rumored to be under consideration for Fed chair — delivered remarks emphasizing flexibility but stopped short of signaling the next policy move. Markets currently price in about a 65% chance of a December rate cut, down sharply from 91% a month ago, reflecting both policy division and missing data.

Tech Stocks Lose Steam as Chip Rally Pauses

The semiconductor sector was mixed after Tuesday’s volatility. AMD extended gains on upbeat guidance, but Nvidia fell 1% after erasing early strength, while Tesla and Apple slipped modestly. Traders said profit-taking was unsurprising after several tech megacaps rallied double digits in recent weeks on AI enthusiasm.

CoreWeave, an AI infrastructure provider, pared early gains despite securing a major credit facility expansion, while Anthropic announced a $50 billion data center buildout aimed at boosting US GPU capacity. Together, the moves underscored the industry’s accelerating investment cycle even as investors grow cautious about near-term valuations.

Looking Ahead

Markets will be closely watching tonight’s House vote for signs of a definitive end to the shutdown — a development that could unleash delayed data and influence the Fed’s December policy path. With earnings season winding down, focus shifts to macro drivers: interest rates, government spending, and whether the relief rally in equities can extend beyond the Dow’s record run.