Futures waver following U.S. stopgap funding deal; data, Fed speak ahead
Investing.com — U.S. stock futures oscillated around the flatline on Monday, paring back some earlier gains, as investors digested the implications of an eleventh-hour deal to prevent a U.S. government shutdown over the weekend and looked ahead to fresh economic data this week.
The last-minute — and broadly unexpected — agreement forged on Capitol Hill will keep the government open until November 17, although disagreements remain in Congress over funding for Ukraine and border security reforms.
At 06:47 ET (10:47 GMT), the Dow futures contract had dipped 20 points or 0.1%, S&P 500 futures were mostly unchanged, and Nasdaq 100 futures rose by 26 points or 0.2%.
The main indices were mixed in the final day of September trading on Friday, although all three slipped on a monthly basis. The S&P 500 and Nasdaq Composite in particular dropped to their worst month of 2023 so far. However, the indices are up for the year, highlighting the strength of a rally several months ago that was driven by soaring enthusiasm for generative artificial intelligence.
Traders will be keeping an eye on fresh economic numbers on both manufacturing activity and construction spending due out on Monday, as markets continue to track the development of the U.S. economy and gauge the potential path ahead for Federal Reserve monetary policy. Headlining the data calendar this week will be the key September jobs report on Friday, with economists predicting that the U.S. added fewer jobs during the month compared to August.
Meanwhile, Fed Chair Jerome Powell is scheduled to speak at 11:00 ET at a roundtable discussion with small business owners. Philadelphia Fed President Patrick Hasker and Cleveland Fed President Loretta Mester are also slated to make
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