Futures higher, Senate unveils funding deal - what's moving markets

investing.com:

Investing.com -- Stock futures point higher, suggesting a rebound for Wall Street's main indices following a day of declines on Tuesday. Elsewhere, the U.S. Senate makes headway on a bipartisan measure to avert a government shutdown that is now only days away, while Hollywood's writers guild votes to end a long-standing strike.

1. Futures move higher

U.S. stock futures inched up on Wednesday, pointing to a recovery in equities after a sell-off in the prior session that stemmed from investor concerns over an extended period of higher interest rates.

At 05:07 ET (09:07 GMT), the Dow futures contract added 103 points or 0.3%, S&P 500 futures jumped by 18 points or 0.4%, and Nasdaq 100 futures climbed by 61 points or 0.4%.

The main indices on Wall Street all slipped on Tuesday, with the 30-stock Dow Jones Industrial Average in particular slumping to its worst day since March. New data showing that consumer confidence fell to a four-month low in September due to elevated prices and recession fears weighed on sentiment.

Analysts suggested that these worries may have impacted shares in membership club Costco (NASDAQ:COST), which dropped in premarket dealmaking despite the company reporting better-than-anticipated quarterly profit and revenue.

In other corporate earnings, Micron (NASDAQ:MU) will post its fiscal fourth-quarter results following the close of trading on Wednesday, with attention likely to focus on how demand for the chipmaker's products is being fueled by a boom in the artificial intelligence sector.

2. Senate proposes temporary funding bill ahead of deadline

The U.S. Senate has voted to begin debate on a bill that would secure short-term funding for the government and avert a looming federal shutdown, although