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Market Contorts to Fresh Highs
Today’s RIP: Army don’t like PLTR’s new tech, Macro data you can count on when the Fed’s gone dark, and more. 👀
Kevin Travers
October 03, 2025 • Reading Time: 12 minutes
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CLOSING BELL
Market Contorts to Fresh Highs
The market barely held on Friday, falling initially with a lack of Fed jobs data for the first time this shutdown. The Senate again voted against a funding package, so next week’s shutdown is a go. Bitcoin was flying on shutdown news, within 1% of all-time highs. S&P 500 and Dow hit new records.
Private reports from ADP and Challenger Gray & Christmas showed private companies cut 32k jobs in September, and hiring plans this year were at their lowest since 2009.
Tech pulled back, but pharma ended with its best week performance in a decade after tariff troubles were cleared up.
Today’s RIP: Army don’t like PLTR’s new tech, Macro data you can count on when the Fed’s gone dark, and more. 👀
8 of 11 sectors closed green. Utilities $XLU ( ▲ 1.16% ) leading and discretionary $XLY ( ▼ 0.64% ) lagging.
STOCKS
The Army Does Not Like Palantir’s New Comms System 🎧️
Palantir dropped $PLTR ( ▼ 7.47% ) Friday, after a report from Reuters and Breaking Defense report that Palantir and partner Anduril’s Army comms system is flawed, insecure, and hard to use.
It led the Nasdaq 100 $QQQ ( ▼ 0.42% ) lower Friday, alongside a general tech pullback. The company issued a response: the program has been patched, and no vulnerabilities were found.
The report was based on an old Army memo from September 5th, that cited vulnerabilities. Anduril and Palantir won a $100M contract to help the Army develop its next-gen decision-making capability NGC2, including armored trucks with data center level command centers inside. 🚒
“These issues collectively create a significant risk to data, mission operations, and personnel by rendering the system vulnerable to insider threats, external attacks, and data spillage,” the document said, signed by Army CTO Gabriele Chiulli.
Anduril said it was undergoing the normal process of pushing updates and testing resaults, but either way investors were not happy. PLTR has flown 900%+ in two years. The company trades at a valuation that makes sense if the company keeps on this revenue trajectory past 2030, but any bump in the road shakes the price.
PLTR sentiment climbed on the volatility
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MACRO NEWS
No Fed Means No Fed Data, Here’s Where Investors Are Looking Instead 🏚️
Friday, jobs day came and went without so much of a peep from the Bureau of Labor Statistics, but give them a break, it’s down to literally one person until the Senate can decide how much taxpayer money they are going to spend till the end of the year.
It could not come at a worse time for nail biters everywhere waiting for the next FOMC rate cut, coming at the end of the month, right before Halloween. Though betting markets— and the Fed’s own rate cut predictions from last meeting— are convinced two more cuts are coming this year, it’s not good to not see the unemployment market. It’s like driving on a foggy night, without headlights, and no rearview mirror to see how many cones you ran over.
Up until August, the data was showing a freezing labor market unlikely to thaw as the leaves fall this autumn. Unemployment was at 4.3% at last check, and private company data was cold enough this week to help imagine things are getting progressively worse. The latest PCE data, the Fed’s preferred inflation calculator, showed that Core prices had inflated by about 3.0%, and overall inflation was at 2.7% compared to last year.
Economists started to check private data, like ADP numbers, a massive employer, and Indeed, which showed a 9% drop in open positions year over year this week.
Bank of America’s credit showed spending was on an uptick, in good news for the economy, with card outlays up 2.2% from last year. Fiserv’s small business index showed annual sales also climbed 2.3% from last year, according to CNBC.
Dow Jones forecasted about the same unemployment, 4.3%, though a jump to 4.4% would be the highest rate since 2021.
“With each week you lose, you’re losing some time to collect this data,” said Stephen Juneau, senior US economist at Bank of America.
The last time the government fully shut down for 16 days in 2013, BLS jobs numbers and inflation data took two months to come through, according to Yahoo Finance.
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POPS & DROPS
Top Stocktwits News Stories 🗞️
Bitcoin gained amid shutdown, neared record high.
Stellantis clashed with GM and Ford over tariffs.
Berkshire Hathaway climbed 0.95% as Greg Abel named CEO.
UnitedHealth saw shareholder push to split CEO and chair roles.
Tesla fell despite JPMorgan target hike.
Fed’s Goolsbee flagged inflation and jobs risk, urged gradual cuts.
Unusual Machines rallied 9% on $800K Red Cat drone deal.
Apple rose despite Jefferies downgrade on iPhone hype.
Goldman’s David Solomon warned of tech-driven drawdown.
Don’t miss a story! Follow @StocktwitsNews for a live feed in real time. ✍️
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