Happy Sunday, and welcome to Benzinga’s financial advisor newsletter.

With regards to the recent government shutdown, we wanted to talk about personal finance. While stocks may shrug off the noise, a number of Americans are hitting the pause button on big financial decisions — but not as many as you might think. Here’s why.

Plus, a look back at the last week of market activity.

Table of Contents

• Industry Chatter

• Weekly Market Recap

• The Week Ahead

INDUSTRY CHATTER

Shutdown Impact: Americans Are Delaying Big Purchases, But Not As Many As You Think

Government shutdowns have become more common over the past half-century with more than 20 shutdowns since 1976. And while they tend to generate a lot of noise, markets don’t necessarily panic, as the S&P 500 has posted a 72% win rate over the past four decades.

But market stability doesn’t always reflect how people feel. Wall Street may keep moving forward, but Main Street often responds with more caution — especially when federal paychecks are halted, the news cycle turns negative, and financial uncertainty starts to hit closer to home.

That’s why it shouldn’t be surprising to see that 17% of Americans are delaying a major purchase like a home or car due to the current government shutdown. The Redfin survey also found that 7% have canceled their plans entirely. At the same time, those not impacted by the shutdown are optimistic, with 65% reporting no change in their financial plans.

Yes, some folks are directly impacted: federal employees and contractors suddenly without income, private workers whose jobs are tied to government funding, or families worried about job security. For them, hitting pause on a big purchase is a necessary response to short-term income disruption.

But most Americans are not in that camp. In fact, for the majority, a government shutdown — even one with high media visibility — isn’t enough to shift their financial plans.

For advisors, this is a moment worth noticing as the uncertainty might cause some to panic, while others to be unbothered and to stay the course.

Younger clients who have never been through a shutdown — the last one took place in 2018 — may feel more spooked and may not have the savings to help weather the storm as there is no telling how long the government shutdown could last. Gen X clients might be more reactive if they’re mid-mortgage or approaching college tuition years. Retirees may worry about what the noise means for their investment income or government benefits.

A client’s decision to buy a house, delay retirement, or hold off on investing isn’t just about interest rates, tariffs, or negative headlines. It’s about trust, timing, understanding and confidence. When the world feels uncertain, your advice becomes the certainty they need and can rely on.

WEEKLY MARKET RECAP

Wall Street Drops From Record Highs After Trump Warns Of 'Massive' Tariffs On China

The market's unstoppable rally hit a wall on Friday as President Donald Trump's renewed tariff threats against China triggered a broad sell-off across risk assets.

Trump accused Beijing of "hostile behavior," alleging China was preparing to impose export controls on rare earth materials. "I was to meet President Xi in two weeks at APEC in South Korea," he wrote, "but now there seems to be no reason to do so." The president warned that the U.S. would "financially counter" the move and is considering a "massive increase of tariffs" on Chinese imports.

The remarks caught markets by surprise, reversing optimism that had pushed stocks to record highs earlier in the week.

The S&P 500 and Nasdaq 100 both posted their sharpest one-day losses since April, while the VIX volatility index — Wall Street's fear gauge — spiked nearly 25%.

In the stock market's AI corner, the Magnificent Seven — which includes Nvidia, Microsoft, Apple, Alphabet, Meta Platforms, Amazon and Tesla — wiped out $500 billion in a session, with their combined market capitalization dropping to $20.5 trillion.

But this week's real showstopper was Advanced Micro Devices (NASDAQ:AMD). After announcing a partnership with OpenAI, AMD shares rocketed 35% on the week – the best since 2016. Ironically, Nvidia also unveiled a similar collaboration with OpenAI back in September — prompting some analysts to question whether these overlapping deals are creating circular revenue streams that could eventually come under scrutiny.

Precious metals continued to march higher. Gold broke above $4,000 an ounce, while silver hit $51 — an all-time high and its first return to these levels since 2011.

Gold is now up 52% year-to-date, marking its best performance since 1979, while silver has surged an eye-popping 73%, climbing in each of the past eight weeks. Some traders are warning that a looming shortage of physical silver in London's vaults could drive prices even higher.

Ford (NYSE:F) and General Motors (NYSE:GM) both slid around 5%, weighed down by operational setbacks that contrast sharply with the exuberance on Wall Street. Ford is pausing production next week at its Dearborn, Michigan plant, where the F-150 Lightning electric pickup is made, following a supplier fire in New York. The company also scrapped plans that would have allowed dealers to offer a $7,500 EV lease tax credit after the federal subsidy expired on Sept. 30. GM scrapped its plan to do the same a day earlier.

THE WEEK AHEAD

JPMorgan, Goldman Sachs, Wells Fargo, ASML, American Express, United Airlines to report earnings, Fed speeches, home builder index, manufacturing surveys, Beige book, and more

Economic Data

• Monday: Philadelphia Fed President Anna Paulson speaks

• Tuesday: NFIB index, Fed speeches (Bowman, Waller, Collins)

• Wednesday: Empire State manufacturing survey, Fed beige book

• Thursday: Philadelphia manufacturing survey, home builder index

• Friday: Baker Hughes rig count

Earnings

• Monday: Fastenal (FAST)

• Tuesday: JPMorgan (JPM), Wells Fargo (WFC), Goldman Sachs (GS)

• Wednesday: ASML ( ASML), Morgan Stanley (MS), United Airlines (UAL)

• Thursday: Taiwan Semiconductor (TSM), Charles Schwab (SCHW)

• Friday: American Express (AXP), Truist (TFC), Ally (ALLY), SLB (SLB)

Click here for the full calendar of economic data and earnings reports.

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