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Investors are still whistling past the graveyard amid Nvidia selloffs and a dragging government shutdown

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U.S. stocks are ticking higher and approaching another record. The S&P 500 rose 0.2% early Wednesday and neared the all-time high it set a couple weeks ago. The Dow Jones Industrial Average added 127 points after setting its own record the day before, while the Nasdaq composite climbed 0.3%. Technology stocks swung back upward. Advanced Micro Devices rallied after its CEO said the chip company is expecting better than 35% annual compounded growth in revenue over the next three to five years. Nvidia, the dominant player in chips used for artificial-intelligence technology, also rose.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

Wall Street is on track to open higher Wednesday with an end to the U.S. government shutdown appearing closer, and technology stocks appeared to regain their footing after wild swings this week.

Futures for the S&P 500 rose 0.4% while futures for the Dow Jones Industrial Average were up 0.3%. Futures for the technology-heavy Nasdaq index rose 0.6%.

The longest federal government shutdown in U.S. history could be over as soon as Wednesday, but not without having tripped up an economy already under stress.

More than a million federal workers haven’t been paid since Oct. 1. Thousands of flights have been canceled, a trend that’s expected to continue this week even if the U.S. government re-opens. Many food aid recipients have seen their benefits interrupted.

The Congressional Budget Office estimated that a six-week shutdown will reduce growth in this year’s fourth quarter by about 1.5 percentage points.

Additionally, the government shutdown cut off the flow of economic data on unemployment, inflation, and retail spending that the Federal Reserve depends on to monitor the economy’s health. That could mean that the Fed will not deliver a third interest rate cut at its December meeting, which was widely expected before the shutdown.

Fed Chair Jerome Powell said the Fed’s interest-rate setting committee is deeply divided over whether to reduce its key rate, partly because the economy’s health is unusually cloudy.

The technology sector appears to have settled down after recent sell-offs, with concerns growing that share prices have grown too expensive. Nvidia, up 44% this year, is down 5% this week.

CoreWeave, a close partner to Nvidia, tumbled 17% Tuesday after its expectations for the year ahead disappointed AI investors who have grown used to red-hot growth. The company went public in March. Its shares are up 3% early Wednesday.

Advanced Micro Devices, whose shares have doubled this year, rose 5% overnight after the chipmaker forecast enormous revenue growth in its data center business due to AI demand.

A big question has been whether investors will push the craze for AI stocks further.

Their sensational growth has been one of the top reasons the U.S. market has hit records despite a slowing job market and high inflation. But their prices have shot so high that critics say they’re reminiscent of the 2000 dot-com bubble, which ultimately burst and dragged the S&P 500 down by nearly half.

Elsewhere, in Europe at midday, France’s CAC 40 Germany’s DAX each surged 1.2%. Britain’s FTSE 100 was unchanged.

In Asian trading, Japan’s benchmark Nikkei 225 added 0.4% to finish at 51,063.31.

Hong Kong’s Hang Seng rose 0.9% to 26,922.73, while the Shanghai Composite edged down less than 0.1% to 4,000.14.

Australia’s S&P/ASX 200 shed 0.2% to 8,799.50. South Korea’s Kospi added 1.1% to 4,150.39.

In energy markets, benchmark U.S. crude declined 65 cents to $60.39 a barrel. Brent crude, the international standard, lost 66 cents to $64.50 a barrel.



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The Epstein files are heavily redacted, including contact info for Trump, celebs, and bankers

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The highly anticipated Epstein files have so far landed with a thud as page after page of documents have been blacked out, with many nearly totally redacted.

While hundreds of thousands of documents have been released so far on the Justice Department’s site housing the information, there isn’t that much to see.

“Simply releasing a mountain of blacked out pages violates the spirit of transparency and the letter of the law,” Senate Minority Leader Chuck Schumer said in a statement. “For example, all 119 pages of one document were completely blacked out. We need answers as to why.”

That appeared to refer to a document titled “Grand Jury NY.” 

The data dump came late Friday, the deadline that Congress established last month for disclosing the trove of files, though other documents had already been released earlier by the DOJ, Congress and the Epstein estate.

One document listed thousands of names with their contact information redacted, including Donald Trump as well as Ivana and Ivanka Trump.

Numerous celebrities were also in that document, such as Rolling Stones singer Mick Jagger and the late pop idol Michael Jackson, who also appeared in photos with Epstein.

Former Senators John Kerry and George Mitchell were on the list as were Jes Staley, a former JPMorgan and Barclays executive, and Leon Black, a cofounder and former CEO of Apollo Global Management.

Appearing in the files doesn’t necessarily imply any wrongdoing as Epstein mingled in wider social circles and was ofter asked for charitable donations.

But Staley said he had sex with a member of Epstein’s staff, and Black was pushed out of Apollo over his Epstein ties, which Black maintains were for tax- and estate-planning services.

Numerous hotels, clubs and restaurants are listed too, plus locations simply described as “massage.” Banks included the now defunct Colonial Bank as well as Bear Stearns and Chemical Bank, which both eventually became part of JPMorgan.

Other entries fell under country categories like Brazil, France, Italy and Israel. Former Israeli prime ministers Ehud Olmert and Ehud Barak were on the list.



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Epstein files: Trump, Clinton, Summers, Gates not returning any results in search bar

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The Justice Department released a massive trove of files related to the late sex trafficker Jeffrey Epstein on Friday, but the site housing the information was failing to turn up any results.

The data dump came on the deadline that Congress established last month for disclosing the highly anticipated information, though a top Justice official suggested that not all the documents would come out at once with more due in the coming weeks.

While President Donald Trump, former President Bill Clinton, former Treasury Secretary Larry Summers, Microsoft cofounder Bill Gates and scores of other powerful men have been linked to Epstein, their names failed to come up in a search of DOJ’s “Epstein Library.”

“No results found. Please try a different search,” the site says after queries for their names.

The site adds that “Due to technical limitations and the format of certain materials (e.g., handwritten text), portions of these documents may not be electronically searchable or may produce unreliable search results.”

However, Clinton also appears in photos that were released as does the late pop singer Michael Jackson. Other records were heavily redacted.

Deputy Attorney General Todd Blanche told Congress that the Justice Department had identified 1,200 victims of Epstein or their relatives and redacted materials that could reveal their identities, according to the New York Times.

Last month, an overwhelmingly bipartisan vote in Congress produced legislation to force the Trump administration to release the DOJ files, though emails and photos from Epstein’s estate had already come out.

One of the sponsors of that legislation, Rep. Ro Khanna, warned on Friday that if DOJ doesn’t show that it’s complying with the law, Congress could hold impeachment hearings for Attorney General Pam Bondi and Blanche.

Earlier on Friday, Blanche told Fox News that “several hundred thousand” pages would be released on Friday. “And then, over the next couple of weeks, I expect several hundred thousand more,” he added.

This story was originally featured on Fortune.com



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Want a job in AI-era tech? Forget prestigious degrees—tech leaders want to see your GitHub projects and internships

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For decades, computer science has been sold as one of the surest paths to economic security. And leaders across politics and industry—from former President Bill Clinton and Secretary of State Marco Rubio to Steve Jobs and Bill Gates—have at times urged students not to overlook the field, framing coding skills as the secret to stable, high-paying jobs.

But as artificial intelligence rapidly reshapes the workplace, that promise is starting to look less certain.

A new survey of more than 200 engineering leaders, conducted by tech training nonprofit CodePath and shared exclusively with Fortune, shows entry-level tech hiring is slowing. More than one-third of respondents, 38%, said their company has reduced the number of entry-level hiring over the past year, and nearly 1 in 7 reported pausing Gen Z hiring altogether.

At the same time, 18% said hiring had stayed the same, and 8% reported an increase. Despite the overall slowdown, CodePath CEO Michael Ellison—a Y Combinator alum—argues telling people to avoid tech right now would be a mistake.

“That’s just kind of like taking crazy pills if you end up choosing not to invest in the tools that make you the most powerful—of telling computers what you want them to do in an age where computers are becoming exponentially more powerful,” Ellison told Fortune. “So to me, it’s like saying, ‘don’t learn how to use the internet.’”

Ellison’s argument reflects a broader shift in how computer science fits into the AI economy. As generative AI tools become more capable, understanding how software works—and how to direct, customize, and integrate AI systems—is increasingly seen as a foundational skill rather than a specialized one.

That demand is already showing up in the labor market. AI literacy topped LinkedIn’s list of the skills professionals are prioritizing and companies are hiring for right now. And a Lightcast analysis of more than 1.3 billion job postings in 2024 found roles advertising at least one AI or generative AI skill offered an average of $18,000 more in annual compensation that those that did not.

Notably, the majority of those roles were outside the tech sector. Some 51% of jobs requiring AI skills were in non-tech industries, up from 44% in 2022—a sign coding and AI fluency are becoming relevant far beyond Silicon Valley.

The new secret to landing a tech job

Still, slowing hiring doesn’t mean aspiring technologists should give up. Instead, the CodePath data suggests candidates may need to rethink what they emphasize—and what they leave off—when applying for tech roles.

When asked which signals matter most outside the interview process, engineering leaders indicated proof of real-world skills matter far more than formal credentials. Side projects or portfolios topped the list, cited by 38% of respondents, followed by internship experience (35%), and public code portfolios like GitHub (34%).

Traditional markers of achievement, by contrast, carried far less weight. Just 4% of leaders said credentialing programs were a top influence in hiring decisions, while only 23% cited a candidate degree or academic focus and 17% pointed to school prestige.

The shift away from pedigree suggests employers are seeking evidence candidates can actually do the work. Greater fluency with AI tools and frameworks was the most common skill expectation for early-career hires, followed by faster time to writing production-ready code and the ability to learn new tools or programming languages quickly.

And despite buzz about tech layoffs, job opportunities do still exist. The U.S. federal government, for example, recently announced it would be hiring about 1,000 new engineers, data scientists, and AI specialists. No degrees or work experience is required—and salaries will range from $150,000 to $200,000. Meta has also still been hiring young talent in recent weeks, with job postings for roles such as product software engineers.

Ellison’s advice for those seeking roles is simple: Opportunities are out there as long as you are willing to dig in deeper—and build a portfolio that hiring managers are looking for.

“People are rewarded for being aggressive and for going after what they want,” he said. It’s surprising the opportunities that are hidden in plain sight.”

This story was originally featured on Fortune.com



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