U.S. stock futures were slightly higher lower Thursday after the S&P 500 (SPX) hit another record high, marking its eighth winning day out of nine. Investors appear to be largely unfazed by the ongoing government shutdown.
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Futures on the Nasdaq 100 (NDX), the S&P 500, and the Dow Jones Industrial Average (DJIA) were down 0.12%, 0.08%, and 0.02%, respectively, at 4:54 a.m. EST on October 9.
During Wednesday’s regular trading session, the three major averages finished mixed. The S&P 500 closed up 0.58%, after hitting a record high earlier in the day. The tech-heavy Nasdaq Composite surged 1.12%, finishing above the 23,000 level for the first time in its history. Meanwhile, the Dow Jones ended the day with a modest decline.
Chip giant Nvidia (NVDA) gained 2.2% yesterday after CEO Jensen Huang noted that computing demand is rising substantially. The stock is also gaining momentum this morning following news that the White House has approved billions of dollars’ worth of chip exports to the UAE, as part of a bilateral AI agreement signed in May.
With the government shutdown continuing, no significant economic data releases are scheduled for Thursday. However, traders will be paying close attention to remarks from Fed Chair Jerome Powell at a community bank conference, as well as speeches from Governors Michelle Bowman and Mary Daly later in the day.
Additionally, key earnings reports from Delta Air Lines (DAL) and PepsiCo (PEP) are expected today.
Meanwhile, the U.S. 10-year Treasury yield was up, floating near 4.13%. WTI crude oil futures were trending higher, hovering near $62.79 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price increased to nearly $4,031 per ounce on Thursday. Concerns surrounding global instability and economic uncertainty have led to a higher demand for the safe haven metal, pushing its price above the $4,000 per ounce mark for the first time ever.
Elsewhere, European stocks opened mixed on October 9 amid ongoing economic and political uncertainty. French President Emmanuel Macron announced he will name a new prime minister within 48 hours following the resignation of the previous cabinet. Meanwhile, shares of HSBC (HSBC) plunged on the London Stock Exchange this morning after the bank proposed a privatization offer for its Hong Kong–based subsidiary, Hang Seng Bank (HK:0011).
Asia-Pacific Markets Traded Higher Today
Asia-Pacific markets traded mostly higher on Thursday as Chinese markets reopened following the week-long Mid-Autumn Festival holiday.
Hong Kong’s Hang Seng index dropped 0.29%. In China, the Shanghai Composite gained 1.32%, while the Shenzhen Component climbed 1.71%. Meanwhile, Japan’s Nikkei advanced 1.77%, and the Topix rose 0.68%.
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