Stock Futures Mostly Higher as Investors Downplay Government Shutdown

Stock futures pointed mostly higher Thursday, led by chipmaker shares, as investors continue to shake off the U.S. government shutdown.

Futures associated with the tech-heavy Nasdaq and benchmark S&P 500 were up 0.4% and 0.2%, respectively, while those affiliated with the blue-chip Dow Jones Industrial Average were down 0.1%. The three major indexes all ended higher for a fourth straight session Wednesday, with the Dow and S&P 500 closing at records.

The government shutdown that began Wednesday will delay the release of economic data, including Friday’s key jobs report. 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 ticked 0.2% higher to $3,910 an ounce, hovering near their latest record set yesterday.

The U.S. dollar index, which tracks the value of the greenback against a basket of foreign currencies, edged lower to 97.67. The 10-year Treasury yield—which affects borrowing costs on all sorts of loans—slipped to 4.09% from 4.10% Wednesday. Bitcoin advanced 1% to about $118,800. West Texas Intermediate crude oil futures fell 0.6% to $61.40 per barrel.

Chip shares rallied globally after OpenAI announced South Korean firms SK Hynix and Samsung would partner with the ChatGPT maker on its Stargate AI infrastructure project. SK Hynix and Samsung shares ended 10% and 3.5% higher, respectively, in Korean trading, while those of U.S. chipmakers Advanced Micro Devices (AMD), Broadcom (AVGO), and Nvidia (NVDA) advanced about 3%, 2%, and 1.5%, respectively, in premarket trading.

Elsewhere, Tesla (TSLA) shares rose 1.5% ahead of expected third-quarter deliveries figures; Stellantis (STLA) stock popped 7% as the Chrysler and Jeep parent posted a 6% rise in U.S. sales; and shares of data center developer Fermi (FRMI) surged a further 12% before the bell after soaring 55% in their debut yesterday.