Government Shutdown = No Jobs Report

Author

Tom White
October 01, 2025

U.S. stock futures are lower ahead of the Wall Street open as investors assessed the ramifications of the U.S. government shutdown.

The U.S. government shut down at midnight after two attempts made by the Republican-controlled Senate failed to secure a temporary spending bill on Tuesday.

The market is likely to focus on the length of the shutdown since a prolonged closure could delay key economic data ahead of the Federal Reserve’s meeting in late October.

The Labor Department said Friday it will shut down virtually all activity, meaning the September nonfarm payrolls report would not be released at the end of the week.

Besides government shutdown impacts, investor focus will be on ADP private payrolls report along with manufacturing data.

Morning Movers

Snapshot (as of 6:45 AM ET)

  • Oil (/CL) – Oil prices are down 0.3% near $62.00 a barrel after sliding for two days as investors weighed OPEC+ plans for a larger output hike next month while data from the U.S. and Asia showed signs of demand waning.

  • Gold (/GC) – Gold prices are up a little under 1% near $3910 and soared to new highs, as the U.S. government entered its first shutdown in almost seven years after lawmakers failed to reach a deal on government funding.

  • Bitcoin (/BTC) – The Crypto Future is up 2% near 117,400 in premarket trading.

  • VIX – The CBOE Volatility Index was up 1% on Tuesday and settled at 16.28 as stocks were modestly higher.

  • U.S. Dollar (/DX) – The dollar is basically flat at 97.4.

Biggest Premarket Movers

Symbol

Product

Mark % Change (as of 6:45 AM ET)

AES

AES Corp.

+12.69%

NKE

Nike

+4.59%

COIN

Coinbase

+2.25%

GEV

GE Vernova

-1.45%

MU

Micron

-1.39%

NFLX

Netflix

-1.19%

Economic Data

Time

Event

7:00AM ET

MBA Mortgage Applications

8:15AM ET

ADP Employment Report

9:45AM ET

PMI Manufacturing

10:00AM ET

ISM Manufacturing

10:30AM ET

Oil Inventories

12:15PM ET

Fed’s Barkin Speaks

Notable Earnings

Premarket

Postmarket

Premarket Tomorrow

Postmarket Tomorrow

AYI, CAG

None

None

None

Upgrades/Downgrades

  • Jefferies upgrades Carvana (CVNA) to Buy from Hold

  • Jefferies upgrades Delta Air Lines (DAL) to Buy from Hold

  • HSBC upgrades Autodesk (ADSK) to Buy from Hold

  • TD Cowen downgrades Marvell (MRVL) to Hold from Buy

  • Barclays downgrades AT&T (T) to Equal Weight from Overweight

  • RBC Capital downgrades GE Vernova (GEV) to Sector Perform from Outperform

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