Stock futures showed little movement this morning following a substantial uptick in major indexes at the beginning of the week. As the U.S. government shutdown reached its 21st day, optimism grew after a key White House adviser suggested that the budget deadlock could be resolved soon. Meanwhile, shares of Apple remained a focal point after the tech giant hit a record high, driven by strong sales of its iPhone 17. General Motors experienced a significant surge in its stock price following better-than-expected earnings and an upgraded full-year outlook. Additionally, Netflix is anticipated to report solid results after the market closes, continuing its trend of growing advertising revenue. Here’s an overview of the current financial landscape.
In early trading, stock futures continued to hover around steady levels after major indexes, including the Dow Jones Industrial Average, S&P 500, and Nasdaq, recorded gains exceeding 1% yesterday. Gold futures fell by 2%, settling at $4,275 an ounce, as the precious metal retreated from its recent highs amidst the recent stock market rally. Bitcoin was trading at $108,500, down from a peak of approximately $111,700 yesterday, while the yield on the 10-year Treasury note remained close to six-month lows at around 3.98%, influencing borrowing costs across various consumer loans.
As the government shutdown approaches its third week, White House economic advisor Kevin Hassett expressed optimism about a potential resolution. Speaking on CNBC, Hassett indicated that the stalemate could come to a close this week, and the White House is prepared to take more decisive steps if necessary. However, the shutdown has already interrupted the release of several crucial economic reports, delaying data on weekly jobless claims, retail sales, and housing starts. Market participants are particularly looking forward to inflation data scheduled for release on Friday.
Apple’s shares saw a modest decline in premarket trading after reaching an all-time high on Monday, fueled by robust sales of the iPhone 17. The stock gained nearly 4% on Monday, marking its highest point since 2025 and pushing the company’s market capitalization towards $4 trillion. A report from Counterpoint Research indicated that iPhone 17 sales in the U.S. and China outperformed those of the iPhone 16 by 14% during the first ten days of availability. Ahead of the market open, Apple shares were down 0.2%.
General Motors shares spiked in premarket trading after the automaker released earnings that surpassed expectations and raised its full-year guidance. GM reported third-quarter revenue of $48.59 billion, considerably above the consensus estimate of $45.02 billion, alongside earnings per share of $2.80 that exceeded projections of $2.25. The company has upgraded its full-year forecast for adjusted earnings before interest and taxes to a range of $12 billion to $13 billion, up from a previous estimate of $10 billion to $12.5 billion. Despite a warning of a potential charge of up to $1.6 billion due to declining demand for electric vehicles, GM shares jumped more than 11% in premarket trading.
Netflix is set to unveil its third-quarter results later today, and analysts predict another strong report from the streaming service. The company has signaled that its advertising revenue could double in the current year, and investors are keenly awaiting the latest guidance. Analysts anticipate that Netflix will report third-quarter revenue of $11.52 billion, a 17% increase from the same quarter last year, with earnings per share projected to have risen 28% to $6.92. Shares of Netflix have already gained nearly 40% since the start of the year and were up 0.8% in premarket trading.
