U.S. futures rise, Congress avoids government shutdown - what's moving markets
Investing.com -- U.S. stock futures tick higher, pointing to an extension in gains posted in the prior session. Elsewhere, the U.S. Congress passes a bill providing short-term funding to the federal government, while department store chain Macy's (NYSE:M) reportedly plans to axe thousands of jobs and close some locations.
1. U.S. futures move higher
U.S. stock futures edged into the green on Friday.
By 05:16 ET (10:16 GMT), the Dow futures contract had risen by 73 points or 0.2%, while S&P 500 futures had gained 18 points or 0.4% and Nasdaq 100 futures had inched up by 114 points or 0.7%.
The major averages on Wall Street surged on Thursday, boosted in part by the largest one-day jump in shares of iPhone maker Apple (NASDAQ:AAPL) in eight months. TSMC's U.S.-listed shares spiked as well after the chipmaker said soaring demand for artificial intelligence will power a more than 20% rise in 2024 revenue.
Strong U.S. labor market data also bolstered confidence that the world's largest economy was on track for a so-called «soft landing» — a scenario in which inflation is cooled without sparking a downturn in activity. These hopes helped brighten sentiment, which had been dampened recently by waning expectations that the Federal Reserve will soon move to bring interest rates down from more than two-decade highs.
2. Existing home sales ahead
Markets will have the chance to sift through fresh housing market data on Friday that could provide a glimpse into the health of the U.S. consumer.
Existing home sales are expected to have risen by a seasonally adjusted 0.3% in December when compared to prior month, according to a Wall Street Journal survey of economists. Over the entire year, the measure is seen dipping to its lowest
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