The government shutdown is looming, and the US stock market is turning downward. The S&P has experienced its worst monthly decline this year, while Chinese concept stocks have ended September with a stunning performance.

PCE data shows a slowdown in inflation, which is good news for the market. US stocks opened higher, but the risk of a government shutdown combined with hawkish comments from the top officials of the Federal Reserve caused a midday drop in the three major indices. Only the Nasdaq closed higher, while the S&P and Nasdaq both experienced their largest monthly and quarterly declines of the year. Chip stocks saw three consecutive gains, with Micron rising 4%. Nike's stock rose over 6% after its earnings report. Chinese concept stocks outperformed the market, with the Chinese concept index rising over 1% and XPeng Motors rising over 6%. After the release of the PCE inflation data, the two-year US Treasury yield hit a two-week low, and the ten-year US Treasury yield hit a daily low, ending an eight-day streak of reaching new highs since 2007. The US dollar index has been falling for several days but has still risen for 11 consecutive weeks, marking the longest winning streak in nearly nine years. Offshore renminbi rose above 7.29 for the first time in nearly two weeks. Gold has seen five consecutive declines, hitting a six-month low for three consecutive days and marking the largest weekly decline in nearly eight months. Crude oil has been falling in recent days but has still seen its largest quarterly gain in over a year.