Happy Thursday! Stocks, gold and Bitcoin continue to set new highs, but behind the scenes, hedge funds have been unloading at a historic pace. What do they see that the rest of the market is missing? Read on to uncover the reason behind the selling, and what it could mean for your portfolio.

Also, with key reports delayed due to the government shutdown, investors are turning to private reports, and the picture isn’t pretty. Are these unofficial signals enough to force the Fed to keep cutting rates? Read on for more insights and analysis, and why all eyes are on October 30.

In Today's Edition

• MARKET RECAP

• MARKET HEATMAP

• FIVE ZINGERS

• MARKET HISTORY

• ONE FOR THE ROAD

Hedge Funds Are Selling Like Never Before — Should You Worry?

Stocks, gold and Bitcoin are all breaking records, but behind the scenes, hedge funds are making an unprecedented move in the opposite direction. For four straight weeks, they’ve been dumping U.S. equities at historic levels, raising eyebrows across Wall Street.

Is this a quiet vote of no confidence in the AI boom, or are deeper cracks forming in financials and credit markets? One sudden bankruptcy may be the warning sign investors can’t ignore. Read on to see what’s really behind the selling and what it could mean for your portfolio.

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Yesterday: U.S. indexes were mostly higher Wednesday, with the S&P 500 rising for the eighth time in nine sessions, while the Nasdaq rose above 23,000 for the first time. The Dow lagged, finishing slightly lower as blue-chip stocks underperformed. Investor sentiment remained resilient despite a lack of major economic data, with Thursday expected to remain quiet due to the ongoing government shutdown. Market focus is shifting to commentary from Federal Reserve officials this week, including Chair Jerome Powell, whose remarks could offer more insight about the path of monetary policy. Minutes from the Fed’s latest meeting showed internal divisions over interest rate decisions, regarding one or two more cuts this year.

On Our Radar: With the government shutdown ongoing, a number of key reports are delayed, leaving just PPI, the Philadelphia manufacturing survey as well as the home builder index as the only notable reports this morning. On the earnings front, all eyes will be on Levi Strauss (LEVI) and Applied Digital (APLD), which will report after the market close today.

Shares of AMD (AMD) continued to soar, with the stock up nearly 50% on the week. Meanwhile, Warner Bros. (WBD) was one of the S&P 500’s biggest losers on the day. Here’s a look at some of the biggest winners and losers on Wednesday.

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.

Top 10 Stocks That Are Rising (And Falling) Today

Have you checked today’s real-time stock rankings yet? As shutdown headlines dominate and traders wait on delayed economic data, Benzinga’s live leaderboards are updating throughout the day, tracking every sharp swing to reveal where opportunity is building. Each update gives you a clear view of where real money is moving, showing which stocks are gaining strength, breaking down or setting up for their next move.

On This Day In 2002…

The official bottom of the dot-com crash occurred as the Nasdaq closed at 1,114.11, down nearly 78% from its March 2000 peak. After more than two years, this date became a historical turning point as it ended one of the most dramatic bear markets in U.S. history. Additionally, exactly five years later, the S&P 500 would mark its pre-financial crisis peak, making October 9 a rare dual milestone in market history.

QUOTE OF THE DAY

“The most contrarian thing of all is not to oppose the crowd but to think for yourself.“

— Peter Thiel

Shutdown Blurs Jobs Data — But These Reports Back Other Fed Cuts

With the government shutdown stalling official jobs data, private reports are taking center stage — and they’re flashing warning signs with job losses, rising unemployment claims and a cooling labor market.

With little federal data to challenge the narrative, Wall Street sees a near-lock on another Fed rate cut this month. But how much trust can we put in these unofficial signals? Read on to uncover what the markets are seeing, and why October 30 could reshape the market’s next move.

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