US stock futures leaned higher on Monday as the federal government shutdown entered another week, eyeing a return to a strong rally that has pushed major indexes to fresh record highs.
Dow Jones Industrial Average futures (YM=F) nudged up 0.1%, while those on the S&P 500 (ES=F) gained 0.3%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) led the way higher, up roughly 0.5%.
The modest moves follow an upbeat week for the market. The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) each logged their fourth weekly gain in five, climbing 1.1% and 1.3%, respectively. The Dow (^DJI) advanced 1.1% for its third positive week in the past four.
Investors have largely looked past Washington gridlock after Congress failed again to reach a funding deal, extending the government shutdown and delaying key economic releases — starting with Friday’s jobs report.
“There’s a certain amount of nihilism,” Steve Sosnick, chief strategist at Interactive Brokers, told Yahoo Finance. “All news is good news, and no news matters. By not getting this [jobs report], that’s one less impediment in the market’s relentless rise.”
Even without fresh data, investors will get insights into the Federal Reserve’s thinking this week. Fed Governor Stephen Miran is set to speak Wednesday, followed by Chair Jerome Powell on Thursday.
Data from non-government sources will take a rare leading role, with no immediate end in sight to the shutdown. The University of Michigan’s consumer sentiment report for October looks the likely highlight in coming days.
Meanwhile, third-quarter earnings start trickling in, with results from PepsiCo (PEP), Delta Air Lines (DAL), and Levi Strauss (LEVI) on the docket this week.
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