What is the impact of US shutdown on stock market?

How does US shutdown affect stock market?
Is there a direct impact?

The US shutdown itself doesn't have a big impact on stock market.

Even though last shutdown was the longest-ever in the US, the stock market was generally rising during the 43 days period, between 1st October 2025 and 12th November 2025.

But if the shutdown lasted longer, it could have caused some negative reactions on the market.

Historically, the US shutdowns have had minimal negative impact on stock market. But the impact was rather indirect than direct.