Stock futures rise on hopes US government shutdown may end Wednesday; Technology stocks rebound

Stock futures rose Wednesday on optimism that the 43-day U.S. government shutdown will end soon.

Futures tied to the tech-heavy Nasdaq, the S&P 500, and the blue-chip Dow Jones Industrial Average rose 0.5%, 0.3%, and 0.1%, respectively. The three major stock indices closed mixed yesterday, with the Dow Jones index jumping 1.2%, or about 560 points, to close at a record high level for the first time in two weeks. The S&P 500 rose 0.2%, but the Nasdaq fell 0.3%.

The Senate approved legislation to fund the government through January 30 and end the shutdown late Monday. After the federal Veterans Day holiday yesterday, the House is scheduled to vote on it late this afternoon. If passed, it will go to President Donald Trump for his signature.

The bond market reopened after being closed yesterday for Veterans Day, and the yield on 10-year Treasury notes fell to 4.09% from 4.11% at Monday’s close.

Bitcoin reached $104,800, up from an overnight low of $102,500. The US dollar index, which measures the dollar’s performance against a basket of foreign currencies, rose 0.2% to 99.60. Gold futures rose 0.4% to $4,135 an ounce. West Texas Intermediate crude futures, the US oil benchmark, fell nearly 1% to $60.50 a barrel.

In corporate news, Advanced Micro Devices (AMD) stock, which fell nearly 3% on Tuesday as the chipmaker held its first Analyst Day event, rebounded 5% in premarket trading after the company issued rosy long-term growth targets.

Shares of Nvidia (NVDA), which were the worst performers in the Dow Jones yesterday with a 3% decline following news that Japan’s SoftBank sold all of the shares it owned in the AI ​​chip giant, rose more than 1% before the bell. Shares of the other six companies in the Magnificent Seven tech stocks — Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), Tesla (TSLA), and Meta Platforms (META) — also rose modestly.

Shares of mobile advertising technology company AppLovin (APP), which posted the biggest daily decline in the S&P 500 yesterday with a nearly 9% drop, was up about 1% before the bell, while shares of cloud computing company CoreWeave (CRWV) also rebounded moderately, up 1% after falling 16% on Tuesday.

In post-earnings action, shares of Swiss sneaker maker On Holding (ONON) rose 10%, while shares of USDC stablecoin issuer Circle Internet Group (CRCL) fell 5%.