Stock Market Today: Dow and Nasdaq Futures Surge as Shutdown Averted
Stock Market Today: Dow & Nasdaq Futures
The US Future indexes, Dow and Nasdaq futures jumped on Monday, as both houses of Congress approved a short-term funding bill for 45 days and averted the government shutdown.
At 15.15 PM IST: The US future indexes trimmed their intraday gains and are trading higher, Dow Future is by 71 points or 0.21 percent while S&P 500 futures are trading positive by 14.25 points or 0.33 percent. The Nasdaq futures index is gaining 81 points or 0.55 percent at 3.15 p.m. IST.
Last week, the potential threat of a government shutdown weighed on investors sentiment. On Friday, the US markets initially jumped after the Fed’s preferred gauge of PCE inflation reading rose less than expected but later markets erased most of their gains, as investors were concerned about the looming US Government shutdown post-Sept 30.
As the US government shutdown is now avoided, Dow and Nasdaq futures are also trading on a positive note, the US markets are likely to open in the green today.
European Stock Markets Today
European stock markets opened higher on Monday, as the sentiments were positive after the US narrowly avoided the government shutdown, just an hour ahead of the deadline. Investors are in an encouraging mood and started the October month on a positive note after ending the weakest quarter of the year and two consecutive months of declines.
Meanwhile, the eurozone manufacturing PMI compiled by S&P Global came to a tick lower in September from the previous month, in line with expectations but remained below 50 marks. The UK’s S&P Global /CIPS manufacturing PMI remained in contraction but came slightly higher than the previous month.
The market sentiments turned negative, and the key indexes erased all early gains. The pan-European Stoxx 600 index is trading lower by 0.26 percent at 3.20 pm IST. The key European stock market indexes, DAX and CAC are trading slightly lower by 0.06 percent and 0.11 percent respectively, while the UK’s FTSE is down by 0.28 percent.
Asian Stock Markets Today
Asian stock market indexes mostly erased their early gains on Monday and ended in the red. The data released during the weekend showed China’s factory activity expanded more than expected in September.
China’s manufacturing PMI data climbed to 50.20, while the expectation was 50.0. Stock Markets in China, South Korea, and Hong Kong were closed today due to a public holiday.
Japan’s Nikkei reversed all early gains and closed lower by 0.31 percent, despite the large Manufacturer sentiments improved for the second straight quarter ending September. Australia’s S&P/ASX 200, SET Composite, and Straits Times also ended in the red, while Taiwan index closed higher on Monday.
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