As the U.S. entered a federal government shutdown at midnight, North American equity markets showed surprising composure on October 1. While futures opened softer and volatility ticked higher, the major indexes steadied, and small-cap stocks held onto gains from recent strength.

When Apple launched iCloud, many investors underestimated how powerful a simple subscription-based storage service could become. Today, iCloud is a multibillion-dollar recurring revenue machine, cementing Apple’s dominance over its ecosystem.

As the North American markets wrapped up trading on September 30, 2025, the mood was one of cautious pause rather than full bore enthusiasm. The major indexes eked out modest gains or held steady, buoyed by lingering positive momentum from earlier in the month—but the specter of a U.S. government shutdown and slipping commodity prices introduced fresh uncertainty.

As markets closed the books on September 26, North American equities found footing after a three-day skid, with broad indexes rallying and small caps playing catch-up.

As U.S. markets enter the home stretch of September, investor optimism is giving way to caution. Key indexes are slipping from recent highs, and small-cap stocks—after a blistering run earlier in the month—are showing signs of vulnerability.