U.S. stock index futures were little changed early Tuesday, suggesting a muted open on Wall Street as investors digested the latest political and market developments following Monday’s gains.
Traders appeared hesitant to take bold positions while monitoring the ongoing budget impasse in Washington, where lawmakers once again failed to approve a temporary spending bill overnight.
Although markets have so far brushed off the effects of the government shutdown, the absence of key U.S. economic data releases could keep some investors on the sidelines this week.
Attention is also turning to comments from Federal Reserve officials, as market participants look for clues about the future path of interest rates following recent policy signals.
On Monday, the major U.S. indices mostly advanced, extending last week’s momentum. The Nasdaq Composite jumped 161.81 points, or 0.7%, to 22,941.67, while the S&P 500 gained 24.49 points, or 0.4%, to 6,740.28. The Dow Jones Industrial Average, however, slipped 63.31 points, or 0.1%, to 46,694.97.
Gains were led by semiconductor stocks, with the Philadelphia Semiconductor Index climbing 2.9% to a record close. Advanced Micro Devices (NASDAQ:AMD) surged 23.7% after announcing a 6-gigawatt deal to power OpenAI’s next-generation AI infrastructure using its Instinct GPU lineup.
As part of the partnership, AMD granted OpenAI a warrant for up to 160 million shares of AMD stock, structured to vest once specific milestones are achieved.
Meanwhile, gold miners rallied, tracking a sharp increase in gold prices, as the NYSE Arca Gold Bugs Index rose 1.9%. Software stocks also posted notable gains, while housing and commercial real estate shares moved lower.
Despite the political uncertainty, market sentiment remained resilient, with most traders continuing to discount the potential economic fallout from the ongoing shutdown.
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