CNBC Business News Update - Market Open: Stocks Higher, S&P 500 Index And Nasdaq Hit New Record Highs, Treasury Secretary Warns That Government Shutdown Could Hit GDP 10/2/25

Episode Date: October 2, 2025

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored by CNBC's Jessica Ettinger. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jessica Ettinger, CNBC. Day 2 of the government shutdown and the financial markets are not only in the green, a fresh record high this morning for the S&P 500 index. The Dow is up 120 points. The Dow being led higher by shares of Nike up 3.5%. The S&P 500 index up 16 points. The NASDAQ is now up 89 points out of the gate, 4 tenths of a percent. Invidia shares are up 1.5 percent. this morning. This market has kind of looked beyond many excuses to back up and have a proper

pullback for a couple of months now. We already were dealing with a slackening labor market. The consumer-geared stuff is looking a little wobbly. If this becomes a mass permanent layoff, if it really goes for a long time, you get a lot of disruption, money not flowing into parts of the economy that should, yes, we're going to have to adjust. But for now, I think the market is looking at the history, saying markets don't tend to really price in very much when it comes to these shutdowns and leaning on that. CNBC's Mike Santoli, Treasury Secretary Scott Bessent, told CNBC today U.S. economic growth is in jeopardy with a government shutdown.

Shutting down the government and lowering the GDP, we have a 3.8% GDP. We could see a hit to the GDP, I hit to growth, and a hit to working Americans. There is no economic data today from the government, including jobless claims numbers. for last week and factory orders data. Gold, seen as the safe haven for investors, had its 40th record high close of the year yesterday, $3,897 an ounce. Berkshire Hathaway buying Occidental's OxyCamp for $9.7 billion. It's billionaire Warren Buffett's biggest deal in three years. Tesla CEO Elon Musk briefly became the first person to hit $500 billion of net worth yesterday. Forbes says it hit that level before pulling back to $499 billion,

but Tesla shares are higher today so that could change Tesla out with third quarter vehicle delivery numbers. Those who thought it would be a big quarter because the expiration of the EV tax credit drawing forward buyers, they were correct. 497,000 vehicles delivered in the third quarter by Tesla. Remember, these are global deliveries,

but no doubt United States will be a big storyline there. 497,000 deliveries, by the way, is a record for any quarter for Tesla. CNBC's Phil LeBoe. Target stores around the country select locations. We'll be open at midnight tonight to sell Taylor Swift's new album, The Life of a Showgirl. Tomorrow night's mega-millions jackpot is more than a half billion

at $520 million. Jessica Eddinger, CNBC. The president's latest, I swear, is watching. Squawk box, 6 a.m. Eastern and streaming on CNBC Plus.