Wall Street Climbs Despite Shutdown Risk — Pfizer and CoreWeave Shine Bright

Investors Shrug Off Shutdown Talk

I’ll be honest, a looming government shutdown usually casts a long shadow over the markets. But not this time. Despite the very real possibility that large swathes of the U.S. government will go dark by midnight (barring a last-minute budget deal), investors seemed mostly unfazed.

The Dow Jones edged up by 0.2%, while the Nasdaq gained 0.3%, closing out a strong September and an even stronger Q3. The S&P 500 posted an 8% gain this quarter, while the Nasdaq surged 12%.

President Trump was his usual direct self: “Nothing is inevitable, but I’d say it’s likely,” he said when asked about the shutdown. Wall Street, however, appeared more interested in corporate news than political theater.

"Nothing is inevitable, but I’d say it’s likely" - President Trump, asked about the shutdownd

Pfizer Scores Political Win — And a 7% Pop

Pfizer (PFE | +6.83%) was the big pharma headline of the day. The company’s stock popped nearly 7% to $25.48 after it struck a deal with the Trump administration aimed at lowering drug prices for Americans.

But it didn’t stop there, Pfizer also announced a $70 billion investment to ramp up U.S.-based drug production. In exchange, it gets a three-year exemption from import tariffs.

CEO Albert Bourla didn’t mince words, calling the old system “unfair” and stressing that U.S. households were effectively subsidizing global drug innovation. According to Bourla, “The big winner will be the American consumer.”

And just to sweeten the optics? The administration launched a new platform called TrumpRx, a site where Americans can buy discounted meds directly, bypassing insurers.

Love it or hate it, the market clearly applauded the move.

CoreWeave and Meta Ink $14B AI Deal

Another standout was CoreWeave (CRWV | +11.70%), the cloud infrastructure specialist that rocketed almost 12% to $136.85. The reason? A massive $14 billion deal with Meta Platforms (META | -1.21%). CoreWeave will provide Meta with AI computing power through 2031, with room for future expansion.

Analysts from Bloomberg Intelligence welcomed the deal, noting it reduces CoreWeave’s dependency on Microsoft, which accounts for over 70% of its revenue.

Still, there's a catch: CoreWeave’s ability to fulfill such large orders hinges on access to enough chips and the capital to expand quickly enough.

Nonetheless, this agreement underlines a core market narrative I’ve been hammering for months, the demand for AI infrastructure remains nothing short of insatiable.

Shutdown Jitters? Not Enough to Move the Needle

While most sectors shook off shutdown worries, a few macro indicators reminded us of the stakes.

• Consumer confidence dropped to its lowest point since April, according to The Conference Board. Job openings slid on a year-over-year basis, and activity in Chicago’s manufacturing sector contracted further in September.

• There’s also the potential delay of Friday’s official jobs report if the government does shut down. The private-sector ADP report will still come out today, so keep an eye on that for a partial pulse check.

• Gold benefited from the uncertainty, climbing to $3,877, while oil extended its Q3 downtrend. The 10-year Treasury yield was relatively stable at 4.15%, and the EUR/USD hovered around 1.1741.

Other Noteworthy Movers

Nike (NKE | +0.52%, after hours +4.48%) reported after-hours earnings that beat revenue expectations. EPS came in at $0.49 vs. the expected $0.27, despite margin pressure and a 31% YoY drop in net income. The stock briefly surged 4% post-market before settling with a modest gain.

Spotify (SPOT | -4.18%) dipped after CEO Daniel Ek announced he will step down and transition to executive chairman in January. Co-presidents Gustav Soderström and Alex Norström will take over as co-CEOs.

Exxon Mobil (XOM | -1.29%) fell after revealing plans to cut around 2,000 jobs globally, that’s about 3–4% of its workforce.

Wolfspeed (WOLF | +29.41%) soared after reducing its debt by 70% and improving liquidity post-bankruptcy concerns. The market clearly liked the comeback story.

Progress Software (PRGS | +3.10%) raised guidance and launched a new share buyback program.

AnaptysBio (ANAB | +31.59%) jumped on news it’s considering a breakup.

Occidental Petroleum (OXY | -1.77%) dropped amid reports that Warren Buffett’s Berkshire Hathaway (BRK.A | +0.45%) is eyeing its petrochemical assets for a $10B acquisition.

Final Thought

Markets are entering the final stretch of 2025 with a remarkable level of resilience. Yes, there’s a shutdown risk. Yes, macro data is a mixed bag.

But as long as companies like Pfizer and CoreWeave keep delivering deals that matter, investors seem willing to look past Washington’s usual gridlock, at least for now.

Let’s see what ADP has in store today. If that comes in hot or cold, we might finally see some stronger market direction.

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Kristoff - ChartMill

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