Stock Futures Point Higher After Dow, S&P 500 Close at Records; AMD Shares Soar on OpenAI Deal

Stock investors continue to downplay the U.S. government shutdown.

Futures pointed higher Monday after the three major stock indexes recorded weekly gains recorded weekly gains of at least 1%, with the blue-chip Dow Jones Industrial Average and benchmark S&P 500 setting closing records for a third consecutive session Friday.

Futures associated with the Nasdaq were up 0.7% following news that Advanced Micro Devices (AMD) was partnering with ChatGPT maker OpenAI on a massive chip deal. AMD shares soared more than 20% in premarket trading, while those of chipmaking rival Nvidia (NVDA) slipped less than 1%.

The tech-heavy index closed down 0.3% Friday as Palantir (PLTR) shares sank 7.5% following a report that the U.S. Army warned of security problems in a new battlefield communications network it is developing. Palantir stock was rebounding roughly 3% before the bell.

S&P 500 and Dow futures were up 0.3% and 0.2%, respectively.

Investors mostly have taken in stride the government shutdown that began last Wednesday. Friday’s key jobs report wasn’t released, and the lack of data complicates decision-making for Federal Reserve officials, who meet later in the month to decide whether to lower interest rates.

Gold futures surged 1.4% to $3,965 an ounce after hitting their latest record of nearly $3,975 earlier Monday. Bitcoin was up about 1% at about $124,000 after setting a new record of more than $125,000 over the weekend. The 10-year Treasury yield—which affects borrowing costs on all sorts of loans—rose to 4.16% from 4.12% at Friday’s close.

The U.S. dollar index, which tracks the value of the greenback against a basket of foreign currencies, was up 0.8% to 98.45. West Texas Intermediate crude oil futures were advanced roughly 2% to about $62 per barrel after OPEC and its allies over the weekend agreed to a modest production increase.

Tesla (TSLA) shares, which fell more than 6% over the final two sessions last week, rose about 2.5% in premarket trading after the company teased a Tuesday product launch on CEO Elon Musk’s social media platform X.