Both the S&P 500 (SPX) and the Nasdaq 100 (NDX) have rallied well above their premarket lows on government reopening optimism and unexpected private payrolls and services data.
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Democratic leaders Hakeem Jeffries and Chuck Schumer appear more willing to compromise with President Trump after sending him a letter requesting a bipartisan meeting to discuss the government shutdown. “Democrats stand ready to meet with you face to face, anytime and anyplace,” read the letter.
Stocks Boosted by Upbeat Private Payrolls and Services PMI
Stocks also received a supporting push from better-than-expected private payrolls and services Purchasing Managers’ Index (PMI) data. ADP private payrolls increased by 42,000 in October, coming in above the estimate of 30,000 and marking the first monthly gain since July. In addition, the ISM services PMI for October came in at an eight-month high of 52.4, above the estimate of 50.8. A reading above 50 signals expansion, while a reading below 50 signals contraction.
With the government shutdown on its 36th day, federal data is still on hold, placing greater emphasis on data from the private sector.
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