At the halfway mark, U.S. markets are in the red, reversing earlier modest gains as a surprise trade shock ripples through sectors. The Dow is off more than 400 points, the S&P 500 down ~1.3 %, and the Nasdaq slipping ~1.8 %.

Wall Street is trading with a sense of cautious optimism. The SPDR S&P 500 ETF (SPY) is up modestly, and the iShares Russell 2000 ETF (IWM) — a proxy for small- to mid-cap stocks — is also inching higher.

The U.S. equity markets entered October 7 with a calm yet cautious tone. The S&P 500 and Nasdaq nudged higher, approaching fresh intraday highs, but gains were modest as investors digested competing forces — exuberance around AI developments and expectations of rate cuts, tempered by concerns over the ongoing U.S. government shutdown and valuation tension. Meanwhile, small-cap stocks showed resilience, helping broaden the rally. Here’s the full story, from the SCN Editorial Team.

As of the close on October 6, 2025, North American markets extended their recent streak, with indexes pushing into fresh highs and small-cap equities enjoying broad participation. The rally faces headwinds — chiefly, the unresolved U.S. government shutdown — yet momentum in technology, AI-related names, and strong M&A headlines kept sentiment buoyant.

As midday settled on October 3, 2025, markets across North America were defying headline risk. The S&P 500 and Nasdaq climbed to fresh highs, buoyed by broad investor demand and renewed hopes for rate cuts, while small-cap names joined the uptrend.

When Facebook acquired Instagram in 2012 for $1 billion, the tech world was stunned. At the time, Instagram had just 30 million users and zero revenue. Critics called the deal overpriced. Yet today, Instagram is worth over $100 billion on its own, generating tens of billions annually for Meta.