Happy Tuesday! The countdown to a potential government shutdown is on, but the stock market is surprisingly calm. Is this resilience rooted in history of past shutdowns, or are investors ignoring the warning signs? The answer might surprise you.

Also, Warren Buffett isn’t known for big surprises, which makes Berkshire Hathaway’s latest portfolio tweaks all the more curious. Is the firm quietly changing its playbook in a soon-to-be post-Buffett transformation? Read on to see what the experts think.

Plus, bring your questions and join the conversation around the hottest market topics as Benzinga’s reporters and editors join Mark Halperin on his Two Way show today.

In Today's Edition

• MARKET RECAP

• MARKET HEATMAP

• FIVE ZINGERS

• MARKET HISTORY

• ONE FOR THE ROAD

Do Government Shutdowns Crash Stocks? You Might Be Surprised

With the clock ticking toward another possible U.S. government shutdown, panic seems like the logical reaction. Yet the stock market isn’t flinching — and history shows that might be for good reason.

While headlines warn of economic disruption and stalled federal paychecks, the S&P 500 has quietly outperformed during many past shutdowns, often catching investors off guard.

Is this time different, or is the market once again pricing in more bark than bite? The data paints a surprising picture that challenges the narrative dominating the news cycle. Before you make your next move, it’s worth asking: are you following the fear, or following the facts?

Come Join Your Favorite Benzinga Reporters And Editors On Mark Halperin's Two Way!

Tune in at 12:00 pm ET today to join the conversation around the hottest topics of the market day. For those that want to participate and ask questions, register here. It’s free. For those that just want to watch only, use this link.

Alternatively just absorb the diverse perspectives of pundits and a respectful audience alike in a refreshing way to consume news and analysis.

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Bookmark this link for 12:00 pm ET.

Yesterday: U.S. indexes closed higher Monday to continue Friday’s rebound with the Dow, S&P 500, and Nasdaq all finishing near the highs. Treasury yields declined, with the 10-year yield falling to 4.14%, as investors monitored the rising risk of a government shutdown ahead of today’s fiscal year-end. According to Polymarket, the odds of a government shutdown are around 80%. Oil tanked with prices falling 3% after Iraq resumed production and OPEC+ plans another oil output hike in November, adding to global supplies. And shares of Electronic Arts soared as the company announced that it’s being acquired for $55 billion, making it one of the largest private deals ever. This also puts U.S. M&A activity past $1 trillion year-to-date, up 29% from the same period last year.

On Our Radar: Analysts will be watching a plethora of reports this morning with job openings, consumer confidence as well as the Case-Shiller home price index. In addition, several fed member will be speaking throughout the day. On the earnings front, all eyes will be on Nike (NKE), which will report results after the market close today.

Shares of Robinhood (HOOD), Coinbase (COIN) and PayPal (PYPL) were among some of the top winners of the day, while Carnival (CCL) and ConocoPhillips (COP) were some of the biggest losers. But those weren’t the only companies making big moves. Here’s a look at some of the biggest winners and losers on Monday.

Discover how the market is moving with our interactive heatmap. Filter by market cap, or click on any box to explore specific sectors or assets in more detail.

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On This Day In 1981…

The yield on the 10-year U.S. Treasury hit its all-time closing high of 15.84%, reflecting the peak of the Federal Reserve’s inflation-fighting interest rate campaign. For equity markets, this marked one of the most challenging environments in history — sky-high borrowing costs weighed heavily on corporate profits, consumer demand, and stock valuations. But in hindsight, it also signaled a turning point: the start of a multi-decade decline in rates that would help power one of the longest bull markets the U.S. has ever seen.

QUOTE OF THE DAY

“Bottoms in the investment world don't end with four-year lows; they end with 10- or 15-year lows.“

— Jim Rogers

Is Berkshire Hathaway Quietly Changing Its Playbook?

Berkshire Hathaway’s latest investment moves are raising eyebrows — and questions.

Market experts are calling attention to some intriguing shifts in the legendary firm's portfolio, including new positions in UnitedHealth Group and DR Horton. While these may seem like routine adjustments, experts believe they could signal a deeper change in strategy as Warren Buffett prepares to step down as CEO.

The traditionally long-term, value-driven conglomerate may be dipping its toes into more speculative, short-term waters — something that feels distinctly un-Buffett-like. Could this be the start of a more nimble, opportunistic Berkshire Hathaway? Read on to find out.

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