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.

In a strong showing Tuesday, North American markets held near all-time highs, with small-cap stocks emerging as one of the most notable stories.

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