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Tech Market Shrugs Off Shutdown
Today's RIP: Tesla’s Q3 looked good, Bitcoin rally rallied crypto stocks, and more. 📰
Kevin Travers
October 02, 2025 • Reading Time: 12 minutes
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CLOSING BELL
Tech Market Shrugs Off Shutdown
The market climbed Thursday, shrugging off shutdown fears in just two days. Bitcoin broke through $120k again, sending all manner of crypto stocks higher. OpenAI hit a $500B valuaiton, which kept the AI market excited.
The S&P 500, Nasdaq, and Dow hit all-time highs, and U.S. money market funds hit all-time highs. ETF flows year to date are on track for a second record year at nearly $1T already, with three months to go. As if on cue, X was awash with a rumor President Trump was considering stimulus checks using tariff money. Big if true, but Trump said he was going to have to fire Fed workers to save money during the shutdown, so we’ll see.
Tom Lee, Fundstrat Global Advisor researcher and crypto bull said the market was going to continue its run, and predicted a 7k S&P 500 target by year-end.
“We would not lean bearish because of shutdowns,” Lee wrote in a note to CNBC. “If stocks are down, we would be dip buyers.” 👀
Today's RIP: Tesla’s Q3 looked good, Bitcoin rally rallied crypto stocks, and more. 📰
3 of 11 sectors closed green, with materials $XLB ( ▲ 1.16% ) leading and energy $XLE ( ▼ 1.01% ) lagging.
STOCKS
Tesla’s Q3 Deliveries Broke Records, Will It Last?
Tesla climbed in the premarket after Q3 deliveries hit a record 497K, up 7% YoY. Shortly after, the stock started to fall $TSLA ( ▼ 5.11% ) as reality set in that customers may have brought forward demand for EV’s before the expiration of the Fed’s $7.5k EV tax credit.
The number of vehicles delivered was nearly 10% higher than the street expected, at a new quarterly record. Of course, bulls like Dan Ives see this as just the beginning for Tesla. He believes the company can leverage its AI and robotics to add trillions to its market capitalization.
"This was a great bounceback quarter for Tesla to lay the groundwork for deliveries moving forward, but there is still work to do to gain further ground," Wedbush analyst and Tesla bull Dan Ives said in a note.
Tesla watchers were bullish
On the other side are the cautious. The tax credit ended Monday, saving users about 17% of the base Model Y car sticker tag. Others in the EV industry warned that without that tax break, demand for EVs could fall big time. Ford CEO Jim Farley told Bloomberg on Tuesday that EV sales could fall 5%. On Wednesday, Ford said their deliveries also climbed in Q3, by about 8%, and EV sales jumped 30% as buyers took advantage of the credits before they expire.
Farley also said customers have made it clear they would rather a $30k car that saves them $2k a year in gas money, than a $60k car with a bigger battery.
Rivian shares fell $RIVN ( ▼ 7.39% ) after the car maker said its deliveries climbed 30% year over year to 13,201 EVs, but slashed its full-year guidance.
Rivian sentiment fell to neutral on the update.
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CRYPTO STOCKS
Crypto Stocks Fly As Bitcoin Breaks $120,000 🥇
The Stocktwits trending list Thursday had a major theme: crypto. When Bitcoin climbs $BTC.X ( ▲ 2.35% ) crypto stocks enjoy the fresh enthusiasm. It’s been weeks since the last Bitcoin price jump, after hitting records at $124,000 on August 13th. It’s almost as if Bitcoin is trying to keep up with gold’s record climb, trader Karim Dandashy told Bloomberg. Here are some of the names that followed the king of crypto higher:
Bakkt Holdings $BKKT ( ▲ 28.61% ) was up 28%. The company filed on Wednesday to sell its loyalty business, aiming to focus entirely on digital assets. Bakkt is a Georgia-based software company that provides APIs for trading cryptocurrency and is majority-owned by the parent company of the New York Stock Exchange.
Coinbase climbed $COIN ( ▲ 7.48% ). KeyBanc Capital Markets said in a note that Coinbase was best positioned to benefit from the adoption of stablecoins. Coinbase recently surpased $1B in on-chain Bitcoin loans, and pulled a BTIG buy rating.
Circle $CRCL ( ▲ 16.04% ) is a recently public stable coin giant that issues the $USDC.X ( ▲ 0.02% ) coin. The company went public in June, one of many fintechs to hit public markets this year. The news has been awash with stablecoin talk the past week, even gaining the support of Federal Reserve Governor Christopher Waller last week.
“If stablecoins present a lower cost alternative to consumers and businesses, I am all for it,” Waller said. “Stablecoins are simply another choice available to consumers and businesses.”
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POPS & DROPS
Top Stocktwits News Stories 🗞️
AMD rose 3% after rumors of Intel foundry deal.
Nebius jumped 8% after $19.4B Microsoft AI deal details.
Occidental fell 7% on Berkshire’s $9.7B OxyChem buyout.
FICO surged 16%, launched direct score for mortgage lenders.
APLD popped 10% after Roth hiked its target to $43.
Ondas surged 25%, won distribution for U.S. 500 drone order.
Taysha soared 56%, won FDA Breakthrough Therapy status.
Rigetti jumped 18% after $5.7M order.
Rezolve AI spiked 23% on 426% H1 earnings, upgrades
Humana rose, reaffirmed FY25 EPS guidance.
Don’t miss a story! Follow @StocktwitsNews for a live feed in real time. ✍️
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