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Wall Street futures climbed on Sunday evening as reports indicated that Congress was close to reaching an agreement to end the longest government shutdown in U.S. history. The optimism came after a week of steep market losses, driven by a selloff in major technology stocks amid growing fears of an artificial intelligence (AI) bubble.
By 18:32 ET (23:32 GMT), S&P 500 futures were up 0.4% at 6,782.25 points, Nasdaq 100 futures gained 0.6% to 25,314.50 points, and Dow Jones futures rose 0.3% to 47,230.0 points.
According to ABC News, the U.S. Senate was preparing for a key vote on Sunday night for a short-term spending bill expected to gain sufficient Democratic backing. The measure aims to fund the government until January 30, potentially bringing an end to the shutdown, now in its 40th day. The prolonged closure has disrupted sectors like air travel and delayed critical economic data releases, raising concerns about GDP growth and employment as thousands of federal workers remain furloughed.
Investors welcomed signs of progress in Washington, hoping that a resolution could stabilize financial markets and restore confidence in the U.S. economy.
The rebound in futures also followed a tough week for Wall Street, where tech giants like NVIDIA (NASDAQ: NVDA), Apple (NASDAQ: AAPL), and Microsoft (NASDAQ: MSFT) saw heavy selling. Nvidia alone dropped over 7% as traders questioned whether valuations driven by AI enthusiasm were sustainable. The S&P 500 fell 1.6%, the Nasdaq Composite dropped 3%, and the Dow Jones slipped 1.2% last week.
Meanwhile, uncertainty over Federal Reserve policy persisted. The CME FedWatch tool showed traders pricing in a 61.9% probability of a 25 basis point rate cut in December, with a 38.1% chance of no change.
