CNBC Business News Update - Market Close: Stocks Higher, Dow-S&P 500 Index-Nasdaq All Have Record High Closes, Farmers Could Get Trump Trade War Relief 10/2/25

Episode Date: October 2, 2025

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I'm Jessica Ettinger. CNBC, Wall Street opens Friday morning with the major averages at record highs. Record closes on Thursday for the Dow, the S&P 500 index, and the NASDAQ investors shrugging off day two of the government shutdown. On Thursday, the Dow was up 78 points. Caterpillar shares led the way. They were up 2%. The S&P 500 index added four points. The NASDAQ up 88 points. InVIDIA shares were up almost 1.5%. percent on Thursday. Invidia shares hit a record high, along with Garmin, Ralph Lauren, Monster Beverage, Caterpillar, General Dynamics, KLA, Lamb Research, and Seagate. Bitcoin crossed $120,000 for the first time since August. Copper hit its highest since July on Thursday. History shows that government shutdowns are indeed a non-event, both for the economy and for the markets. Now, in the short term,

there may be some effects on things like maybe a rise in jobless claims, lowering airline traffic, things like that, but very temporary, not things that are going to interrupt the overall trend. Serity partners Jim Labenthal on CNBC. Jobless claims data not released on Thursday morning because of the government shutdown and Friday morning's big September employment report from the labor department will also be delayed because of the shutdown. But we did get some job market data this time from Employment Firm Challenger Gray and Christmas. Here are CNBC's Mike Santoli and Carl Kintanilla. Challenger layoffs, a little bit lighter on layoffs month on month, but we're going to do a million layoffs for the full year announced. We haven't done that since 2020.

And then hiring intentions in September, the worst September for hiring intentions since 2011. The jobs market's just not that far from really setting off alarms. U.S. farmers may be getting some relief in the Trump trade war. The details now taking shape behind closed doors in the Wall Street Journal reporting. that's a total dollar value here could be between 10 and 14 billion. Some of those farmers have been really hard hit here because the Chinese have not ordered any soybeans at all from American farmers this year.

That would normally be billions of dollars in transactions that those farmers are going without pretty dramatic impact. CNBC's Aiman Javers. The travel industry is taking a big hit from the trade war and now from the government shutdown. It would be a billion dollar impact every week that the government is shut down. That's according to tourism economics.

The travel industry has already seen softer demand through summer's end. International travel is noticeably off, especially from Canada. Hotel executives publicly have grappled with shrinking government business because jobs were slashed earlier this year. There were fewer government people traveling. You've got a 10% downturn already earlier in the year from Canada. What that does to your numbers? Canadian tourism, it's very problematic.

Coastal, Maine, northern Adirondacks, New York, Door County, Wisconsin, people that rely on Canadian tourists, they're really feeling the pain. CNBC's Contessa Brewer, if you're in the market for a used car, the former CEO of Ford Motor Company says used car prices won't be coming down anytime soon. Used car prices are probably going to hold up pretty well over the next six to 12 months just for the fact that during COVID, there weren't a lot of vehicles manufactured and sold. And so that, you know, when you think two, three years later, particularly for leases, you have less supply coming to the market. Former Ford CEO Mark Fields on CNBC. Select Target stores in the U.S. Tonight open at midnight to sell Taylor Swift's new album, The Life of a Showgirl. Jessica Eddinger, CNBC.

The pop superstar announcing a brand new album. Literally everything she touches people won't know about. This Swift effect, a new era. CNBC premiere episode, Saturday 10 Eastern.