Tech Stocks Shine Amidst Economic Uncertainty

The technology sector buoyed Wall Street's major indexes to record highs on Thursday, as investors navigated uncertain economic waters during a U.S. government shutdown. Despite the absence of official data, market participants focused on technology heavyweights like Nvidia, Apple, and Broadcom, propelling the Nasdaq to a 0.4% gain.

Some economic data was still available, with reports indicating that U.S. employers announced fewer layoffs in September. Nevertheless, hiring plans are at their lowest since 2009, a trend that has traders speculating on potential Federal Reserve interest rate cuts, with two reductions anticipated this year.

Political gridlock exacerbates economic apprehensions, as the market remains cautiously optimistic that the current government shutdown will not inflict long-term damage. Nonetheless, the possibility of an extended impasse fuels market uncertainty, investors keeping a close watch on unfolding developments.

(With inputs from agencies.)