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Stock markets looked to be in line for another boost on Wednesday with potential confirmation of the end of the U.S. government shutdown.
Dow Jones Industrial Average futures were up 66 points, or 0.1%. S&P 500 futures were gaining 0.3% and Nasdaq 100 futures were rising 0.6%.
Indexes rose Tuesday after the Senate officially passed spending legislation that will now head to the House for a final vote as soon as Wednesday, and then to President Donald Trump’s desk. The Dow closed at a record 47,927.96
“There is an even bigger mountain ahead of us, and that is the resumption of all of the economic data that we have missed, including the jobs and inflation data,” said Michael Landsberg, chief investment officer at Landsberg Bennett Private Wealth Management. “The market had been flying blind with no data and now as the fog lifts, we will see if market positioning has been correct and it is still clear sailing or if there is a big repricing necessary.
Once the government reopens, the first major economic release that investors are expecting is the Labor Department’s September jobs report. Reports on retail sales and wholesale inflation for September are expected soon thereafter.
In the absence of official data, investors are having to rely on private releases. According to the latest high-frequency data collected by payroll-processing firm ADP, private-sector employers shed an average of 11,250 jobs a week in the four weeks ending Oct. 25.
That could raise the stakes for official jobs data as Federal Reserve policymakers are divided over the need for another rate cut in December, according to The Wall Street Journal.
The yield on the benchmark 10-year Treasury note stood at 4.088% early on Wednesday, ticking down from Monday. The U.S. bond market was closed on Tuesday in observance of Veterans Day.
Among individual stocks, Advanced Micro Devices will be in focus after the chip maker said after the market close on Tuesday that it expects revenue growth to accelerate in the coming years on strong demand in its data center business.
