U.S. stock futures were fluctuating on Thursday following Wednesday’s record advances. Futures of major benchmark indices were mixed.
The Donald Trump administration has reportedly warned that the shutdown could cut $15 billion from weekly GDP and leave 43,000 more people jobless if it lasts a month.
After the Senate rejected competing government funding bills from both Republicans and Democrats on Wednesday, the next opportunity to hold a vote will be on Friday. The chamber will be out on Thursday in observance of Yom Kippur.
Meanwhile, the 10-year Treasury bond yielded 4.10% and the two-year bond was at 3.54%. The CME Group’s FedWatch tool‘s projections show markets pricing a 94.6% likelihood of the Federal Reserve cutting the current interest rates in its October meeting.
| Futures | Change (+/-) |
| Dow Jones | -0.04% |
| S&P 500 | 0.17% |
| Nasdaq 100 | 0.36% |
| Russell 2000 | 0.41% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, rose in premarket on Thursday. The SPY was up 0.18% at $669.68, while the QQQ advanced 0.39% to $605.58, according to Benzinga Pro data.
Cues From Last Session
Gains in sectors like Health Care and Utilities on Wednesday contrasted with losses in Materials and Financials, as major indices recovered from a sluggish start to end in positive territory. The move higher followed Tuesday, when stocks capped their strongest third quarter since 2020.
The S&P 500 notched its first record close above 6,700, and the Dow Jones Industrial Average gained to post its second consecutive record close.
For the time being, Wall Street appears to be overlooking the anticipated economic consequences of the government shutdown. The potential for a significant impact on growth increases with the duration of the shutdown, particularly for businesses that depend on the federal government’s regular operations.
From an economic perspective, the shutdown coincides with a precarious moment, as highlighted by Wednesday’s closely watched ADP monthly employment report. The data showed private payrolls unexpectedly fell last month, with the private sector shedding 32,000 jobs, missing forecasts that called for a gain of over 50,000.
The Dow Jones index ended 43 points or 0.093% higher at 46,441.10, whereas the S&P 500 index rose 0.34% to 6,711.20. Nasdaq Composite advanced 0.42% to 22,755.16, and the small-cap gauge, Russell 2000, …