S&P 500, Nasdaq Set New Intraday Records

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Happy Friday. This is TheStreet’s Stock Market Today for Oct. 3, 2025. You can follow the latest updates on the market here in our daily live blog.

We might have no payrolls, but here’s what we have instead: PMI.

The S&P Global Composite & Services PMI and ISM Services PMI are now out. Here’s the print:

• S&P Global Composite: 53.9 [Prev; 54.6]

• S&P Global Services: 54.2 [Prev: 54.5]

• ISM Services PMI: 50.0 [Prev: 52.0]

In the ISM, New Orders and Business Activity left the most to be desired, coming in at 47.2 and 49.9, a sign of contraction. Last month, these numbers were 56 and 55 respectively.

The market has continued to show out after the reports.

The U.S. stock market is now open. The Russell 2000 (+0.94%) leads the pack, followed by the Dow (+0.52%), which now sit at 2,481.60 and 46,760.

The S&P 500 (+0.18%) and Nasdaq (+0.04%) are at 6,727.43 and 22,852.39 shortly after the open, rappelling from record highs in the last few minutes.

Good morning. Goldman Sachs  (GS)  CEO David Solomon said this morning that he expects the U.S. economy to accelerate, thanks to “AI infrastructure build”, per Bloomberg. But as he praises the relative strength of the economy, he also warns: “it’s not different this time” with tech stocks hitting steep valuations.

His friends down the street at Morgan Stanley  (MS)  are casting similar worries. The bank’s chief investment officer, Lisa Shalett, has warned about “cracks” in AI capex spending. Not a lot of substance in the note; just some ‘vibes’ about how it could be existential to the market’s bull run.

That does seem to be an increasing worry among a cropping of the market, but obviously, it’s not a serious concern among investors. All four U.S. benchmarks — the Russell 2000, Dow, Nasdaq, and S&P 500 — are slated for all-time highs at the open, based on their current trading in futures. We’ll be keeping an eye on equity indexes, as the government shutdown goes into its third day and investors run away with AI-fueled optimism.

With the government still shut, there’s going to be a dearth of economic data from federal institutions like the Bureau of Labor Statistics (BLS).

As a result, today’s payrolls report will be punted, even though a report says that the agency finished the report ahead of the government shutdown.

There will be reports from private firms, though. And today, we’ll get two cents from the ISM Services PMI, as well as the S&P Global’s Composite and Services PMI.

Here are today’s reports:

And, for added context, here are the various reports we aren’t getting today because of the shutdown:

Continuing yesterday’s lull, there won’t be any substantive earnings reports today, per data sourced from Nasdaq. The first of the third quarter earnings will tee off next week on Oct. 9, while some stragglers from the second quarter will continue to report into the early earnings season.

This story was originally reported by TheStreet on Oct 3, 2025, where it first appeared in the Stock Market News & Data section. Add TheStreet as a Preferred Source by clicking here.