Stock futures are little changed after lawmakers avert government shutdown: Live updates

Coinbase shares were up 5% in the premarket after the crypto exchange announced it obtained a Major Payment Institution license from regulators in Singapore.

“This development … amplifies our commitment to the Singapore market, enabling us to expand our provision of Digital Payment Token services to both individuals and institutions in Singapore,” the company said in a post.

The Bank of Japan’s policymakers evaluated a number of conditions that must be met before ending the central bank’s ultra-loose policy during its September meeting.

“Sustainable and stable achievement of the price stability target, accompanied by wage increases, has not yet come in sight, and thus the Bank needs to patiently continue with monetary easing under yield curve control,” the BOJ’s summary of opinions stated.

One board member highlighted how the second half of the fiscal year ending March 2024 will mark an “important period” for determining whether the price stability target will be achieved.

“Even if the Bank were to terminate its negative interest rate policy, this can be considered as continuation of monetary easing if real interest rates remain negative. It is important for the Bank to carefully provide communication on this,” another board member was quoted saying.

In September, Japan’s central bank held its stance and left rates unchanged, on the back of “extremely high uncertainties” on the growth outlook domestically and globally.

—Lee Ying Shan

China’s factory activity in September expanded for the first time April, data from the National Bureau of Statistics showed on Saturday.

China’s PMI climbed to 50.2 in September from 49.7 in the previous month, beating Reuters’ expectations of 50.0.

A reading above the 50-point level marks an expansion, while a figure below the 50-mark indicates a contraction. China’s non-manufacturing PMI also inched up to 51.7 from a previous reading of 51.

Similarly, a private-sector survey reflected an expansion in China’s factory activity, albeit at a slowed pace.

The Caixin/S&P Global manufacturing PMI dipped to 50.6 in September from 51.0., the survey showed on Sunday, missing forecasts of 51.2.

“Manufacturing conditions across China improved slightly for the second consecutive month in September,” the press release stated.

“However, confidence regarding the year-ahead remained relatively subdued, which in turn contributed to a drop in employment at Chinese manufacturing plants,” the report added.

—Lee Ying Shan

Monday kicks off a new trading month and quarter.

September was the worst month of the year for the S&P 500 and Nasdaq Composite. And for all three major indexes, the quarterly slides marked a pullback after a strong first half of the year. Despite the recent retreats, the three indexes are still up on the year due to the strength of the early 2023 rally.

Here’s how the three indexes finished September and the third quarter:

The Dow:

• September: down 3.5%
• Quarter: down 2.6%

The S&P 500:

• September: down 4.9%
• Quarter: down 3.7%

The Nasdaq Composite:

• September: down 5.8%
• Quarter: down 4.1%

— Alex Harring

Lawmakers were able to pass a continuing resolution and evade a government shutdown on Saturday. The bill keeps the government operating for 45 more days, allowing more time for legislators to finalize funding proposals.

This development should be welcome news for the market and offer a boost coming off a tough week, according to Jamie Cox, managing partner at Harris Financial.

“There’ll be a lot of unwinding of government shutdown selling from last week, which will be good,” he said.

— Alex Harring

Stock futures were higher on Sunday, one day after federal lawmakers came to a temporary agreement that averted a government shutdown.

Futures tied to the Dow rose about 155 points, or 0.5%, shortly after 6 p.m. ET. S&P 500 futures added 0.6%, while Nasdaq 100 futures climbed 0.8%.

— Alex Harring