Dow Futures Rise as Shutdown Nears End
Stock futures showed gains Sunday evening as the Senate advanced a bill aimed at ending the longest government shutdown in U.S. history. The short-term spending bill passed a procedural vote with support from seven Democratic senators and one independent joining Republicans.
Key Provisions of the Bill
- The bill extends government funding through January 31.
- It continues funding for SNAP and Veterans Affairs through the rest of the fiscal year ending in September.
- Democrats did not secure an extension for Affordable Care Act (ACA) subsidies, a central demand during the shutdown.
Market Reactions
- Dow Jones futures rose by 66 points, or 0.14%.
- S&P 500 futures increased 0.68%, while Nasdaq futures jumped 1.19%.
- The 10-year Treasury yield climbed 4.1 basis points to 4.134%.
- The dollar strengthened 0.09% against the euro and 0.32% against the yen.
- Gold prices rose 1.16% to $4,056.50 per ounce.
- Oil futures increased 0.74% to $60.19 per barrel, and Brent crude gained 0.64% to $64.04.
Challenges Amid the Shutdown
SNAP payments remain paused after a temporary resumption, affecting many low-income households. Meanwhile, Transportation Secretary Scott Duffy issued serious warnings about air travel disruptions ahead of Thanksgiving, with thousands of flights canceled over the weekend.
"The breakthrough comes as Transportation Secretary Scott Duffy has issued dire warnings about air travel ahead of Thanksgiving."
Editorial Note
Jason Ma, weekend editor at Fortune, covers markets, the economy, finance, and housing.
Summary
The Senate advanced a bill to end the government shutdown, allowing funding for SNAP and Veterans Affairs but not extending ACA subsidies, while market futures and key asset prices responded positively amid travel disruptions.