“We’re in a self-fulfilling rally—earnings are strong and getting stronger, investors are shrugging off a lack of data, and even a government shutdown can’t shake their confidence,” writes Mark Hackett, chief market strategist at Nationwide. “Markets have a long track record of staying resilient through shutdowns, with longer disruptions followed by stronger rebounds. The labor market is in a holding pattern, but it’s not a red flag. And with half of the past decade’s returns typically coming in fourth quarter, the main story right now is momentum.” |