US stock futures trod water on Friday after a retreat from record highs, as data-starved investors waited for a reprieve from the government shutdown and for earnings season to provide inspiration.
Futures on the Dow Jones Industrial Average (YM=F) and on the S&P 500 (ES=F) both nudged up 0.1%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) put on 0.2%.
The University of Michigan’s reading on consumer sentiment is due Friday at 10 a.m. ET. In lieu of the release of government economic data during the shutdown, the report will grab investors’ attention.
The federal stoppage entered its ninth day on Thursday, with lawmakers still unable to agree on a funding bill. The Senate failed for a seventh time to advance stopgap measures. However, change may be coming as some Republican lawmakers signaled willingness to negotiate on the healthcare subsidies Democrats insist on as a condition of backing a funding bill.
Additionally, according to Bloomberg, the Bureau of Labour Statistics plans to release September’s CPI by the month’s end. The report will be a reprieve from the data void and provide critical insight into expectations for Federal Reserve rate cuts this year.
After recent days’ flurry of third-quarter results, investors are counting down for earnings season to start in earnest next week, led out by JPMorgan (JPM) and Citigroup (C). Performance is expected to be softer, with analysts betting tariffs will bite into revenue for the quarter.
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