Stock Futures Gain on Hopes US Government Shutdown May End Wednesday; Tech Shares Rebound

Stock futures pointed higher Wednesday on optimism that the 43-day U.S. government shutdown would soon come to an end. 

Futures associated with the tech-heavy tech-heavy Nasdaq, benchmark S&P 500, and blue-chip Dow Jones Industrial Average were up a respective 0.6%, 0.3%, and 0.2%. The three major stock indexes ended mixed yesterday, with the Dow jumping 1.2%, or about 560 points, to cose at a record high for the first time in two weeks. The S&P 500 added 0.2% but the Nasdaq shed 0.3%. 

The Senate approved legislation to fund the government until Jan. 30 and end the shutdown late Monday. Following the Veterans Day federal holiday yesterday, the House of Representatives is due to vote on it as soon as late afternoon today. If passed, it would go to President Donald Trump for his signature.

The bond market reopened after being closed yesterday for Veterans Day, and the yield on the 10-year Treasury note slipped to 4.08% from 4.11% at Monday’s close.

Bitcoin was trading around $105,000, up from an overnight low of $102,500. The U.S. dollar index, which tracks the performance of the dollar against a basket of foreign currencies, ticked higher to 99.54. Gold futures were up 0.6% at $4,140 per ounce. WTI crude futures, the U.S. oil benchmark, fell 1% to $60.40 per barrel.

In corporate news, Advanced Micro Devices (AMD) stock, which declined nearly 3% Tuesday as the chipmaker held its first analyst day event, rebounded 5.5% in premarket trading after the firm issued rosy long-time growth targets.

Shares of Nvidia (NVDA), which was the worst performer in the Dow yesterday with a 3% decline following news Japan’s SoftBank had sold all the shares it owned in the AI chip giant, advanced 1.5% before the bell. The other six members of the Magnificent Seven tech stocks—Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), Tesla (TSLA), and Meta Platforms (META)—also were up modestly.

Shares of mobile advertising technology firm AppLovin (APP), which registered the steepest daily decline in the S&P 500 yesterday with a nearly 9% drop, were up about 1% before the bell, while those of cloud computing company CoreWeave (CRWV) rebounded 2.5% after tumbling 16% Tuesday.

In post-earnings moves, shares of Swiss sneaker maker On Holding (ONON) surged 9%, while those of USDC stablecoin issuer Circle Internet Group (CRCL) fell 4%.