US stock futures rose early Monday morning as the federal government shutdown entered another week, as Wall Street looked to build on a strong run for equities that pushed major indexes to fresh record highs.
Futures tied to the Dow Jones Industrial Average (YM=F) pushed up 0.2% while contracts on the S&P 500 (ES=F) gained 0.3%. Nasdaq 100 futures (NQ=F) popped 0.4%.
The modest moves follow another 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) also advanced 1.1%, 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 highlight the week, with no immediate end in sight to the shutdown. The University of Michigan’s consumer sentiment report for October looks likely to be the major release.
Meanwhile, third-quarter earnings season is set to commence this week, with notable reports set to include PepsiCo (PEP), Delta Air Lines (DAL), and Levi Strauss (LEVI) on Thursday.
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