Riding the equity market rollercoaster

A U.S. government shutdown began on October 1, 2025, with Republicans and Democrats at an impasse over a deal to keep the federal government funded. The closure could see around 750,000 workers furloughed and cost the U.S. economy billions of dollars. Markets do not appear to be discounting a lengthy shutdown, but it is a risk and adds to economic uncertainty.

The S&P 500 is trading at record highs, which some investors didn’t see coming after the tariff-fueled drop in April. What may come as a bigger surprise, however, is the rally is broadening beyond big technology companies. Let’s examine different measures that prove this point.

Experts from across BNY gathered to debate markets. Take a seat at the table, through this report, which shares key views from the discussions.

Small businesses are becoming more optimistic, a positive indication at a time when economists are debating whether growth will slow. We view this confidence as a positive signal for future growth.