US stock futures rose on Wednesday as Wall Street digested a rotation out of Big Tech into more defensive corners of the market and awaited a key House vote that could end the longest government shutdown in US history.
Dow Jones Industrial Average futures (YM=F) moved up roughly 0.2% on the heels of the blue-chip benchmark’s record-high close in a split session for stocks. S&P 500 futures (ES=F) added 0.4%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) popped 0.7%.
Washington watchers are keeping an eye on Capitol Hill, where the Senate passed a spending bill late Monday aimed at reopening the government. The measure now heads to the House, which is expected to vote as soon as Wednesday afternoon.
Wednesday will see several Federal Reserve officials speak, including President Trump’s newest appointee, Stephen Miran, and Christopher Waller, reportedly in contention to be named the central bank’s next chair. Investors are looking for any clues to the Fed’s rate move next month, with most bets still on a quarter-point cut.
After stocks surged on Monday, largely thanks to the emerging shutdown deal, Wall Street endured a split session on Tuesday: The Dow (^DJI) surged more than 550 points to a fresh record close, while the tech-heavy Nasdaq Composite (^IXIC) slipped as investors took profits in high-flying artificial intelligence names. The S&P 500 (^GSPC) eked out a modest gain, marking its third straight positive day.
On the macro front, investors parsed a weaker-than-expected ADP employment report showing private payrolls declined in October, stoking fresh concerns about a cooling labor market. The data took on added weight as the ongoing government shutdown has delayed key federal economic releases.
Earnings season continues at a slower pace, as the majority of companies have already issued reports. Big names to keep an eye on for the rest of the week include Cisco (CSCO), Disney (DIS), and Applied Materials (AMAT).
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