
The U.S. Senate passed the first stage of a deal to end the government shutdown that began on October 1. The agreement would fund the government through January and must still pass the House and be signed by President Trump.
In response to that, U.S. stock futures rose in early trading on hopes of ending the government shutdown. S&P 500 futures rose 0.7%, Dow futures gained more than 0.1%, and Nasdaq-100 futures jumped 1.2%.
Markets remain volatile after a rough week driven by concerns over inflated AI stock valuations. Last week, the Nasdaq-100 dropped 3%, the S&P 500 1.6%, and the Dow Jones 1.2%. Investors are also awaiting more corporate earnings this week, and potential US inflation numbers.
In China, October inflation numbers showed that consumer prices returned to positive growth for the first time since June, signaling a mild recovery in domestic demand. The Consumer Price Index (CPI) rose 0.2% year-on-year, beating expectations of flat growth. Prodcuer Price Index (PPI) also showed improvement, though declining 2.1% from a year earlier, it was still slightly better than expected. Additionally, China’s manufacturing activity fell to a six-month low in October, reflecting weaker new orders and employment.
In the crypto market, Bitcoin surged above $106,000 for the first time in a week following reports that the U.S. Senate had reached a deal to end the government shutdown. The cryptocurrency rose over 4%, while Ethereum climbed more than 7% to above $3,600, and XRP and Solana gained around 6% each.
The shutdown had pressured crypto markets, with Bitcoin repeatedly dipping below $100,000 and remaining about 15% below its record high of $126,000 from early October. Ethereum has also suffered steeper losses as investors moved away from riskier assets amid economic uncertainty.
Gold prices recovered in early trading today. The precious metal jumped more than $70 since the market opened, currently trading at $4,067 per ounce. Silver jumped more than 2% as it is trading around $49.50 per ounce.
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