Stock Market News Review: SPY, QQQ Clinch Record Highs Amid Government Shutdown

Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) reached record highs on Wednesday, shrugging off concerns over an extended government shutdown. The shutdown has now entered its eighth day, mirroring the average duration of past federal closures. The longest shutdown, lasting 35 days, began in December 2018 over border wall funding disputes. Senate efforts to pass a funding extension bill failed, leaving the path to reopening uncertain.

Wells Fargo provided a boost to market sentiment by raising its 2025 real GDP growth estimate to 2.0% and its 2026 estimate to 2.3%, citing stronger-than-expected consumer spending. The Commerce Department revised its Q2 consumer spending growth estimate to 2.5% from 1.6%, with August showing a 0.6% monthly increase. Wells Fargo anticipates four additional rate cuts through the first half of 2026.