Analysts say the US government shutdown has raised market expectations of a rate cut. Photo: AP PHOTO

The S&P 500 eked out a record closing high in a volatile session, with interest rate-cut expectations holding up as the US government shutdown went on for a third day.

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The Dow also posted a record closing high, but the Nasdaq ended lower.

The S&P 500 technology sector eased, with shares of Applied Materials declining 2.7 per cent after the chip-equipment maker late Thursday forecast a $600 million hit to fiscal 2026 revenue.

Shares of Tesla were 1.4 per cent lower, while utilities

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