Stock futures are pointing to a higher open for major indexes as investors keep tabs on talks to avoid a government shutdown and prepare for several reports on the labor market in the coming days; Cleveland Fed President Beth Hammack says the central bank faces a challenging scenario as inflation persists and the job market weakens; Shares of Electronic Arts (EA) are surging following news that the video game maker is being taken private; and GSK (GSK) shares are rising after the British drugmaker announced it is replacing its CEO. Here's what you need to know today.
1. Stock Futures Move Higher as Market Aims to Rebound from Last Week's Decline
Stock futures are moving higher in premarket trading as investors monitor budget talks ahead of a potential government shutdown and look ahead to key labor market data later this week. Futures tied to the Dow Jones Industrial Average were up 0.4% recently, while those linked to the becnhmark S&P 500 and the tech-heavy Nasdaq added 0.5% and 0.6%, respectively. The major indexes closed higher on Friday to snap three-day losing streaks, but still finished lower for the week. It was the first time in four weeks that the S&P 500 had lost ground. Gold futures were up about 1% at $3,850 an ounce, trading at record-high levels, while crude oil futures dropped 2% following reports the OPEC+ group of oil exporting nations is poised to boost output. Bitcoin (BTCUSD) was trading at just above $112,000, after dipping below $110,000 late last week. The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of consumer loans, was at 4.15% this morning, down from 4.19% at Friday's close.
2. Trump to Meet With Congressional Leaders As Government Shutdown Looms
President Donald Trump is scheduled to meet with top congressional leaders today ahead of a potential government shutdown later this week. The meeting of leading Democrats and Republicans comes ahead of an Oct. 1 deadline for the Senate to pass a short-term spending bill that will fund the government through mid-November. Democratic leaders have said that the bill must restore healthcare subsidies that were cut in the “One Big Beautiful Bill” Act. While Republicans control the Senate, the bill needs the support of seven Democrats in order to move the legislation forward.
3. Cleveland Fed President Cites Policy Challenge Facing Central Bank
Cleveland Fed President Beth Hammack said that it is “challenging time” for the Federal Reserve as inflation pressures persist and the labor market has weakened. Hammack told CNBC that she is still concerned about inflation, especially from the services sector. Data released last week showed that inflation remains well above the Fed's target. The Fed cut its key interest rate this month for the first time since December amid concerns about the labor market and signaled more cuts could be coming. Hammack, who will speak at a European Central Bank event today, is one of several Fed officials due to deliver remarks this week.
Shares of British pharmaceutical maker GSK (GSK) are higher in premarket trading after the company announced it is replacing its chief executive officer. Current CEO Emma Walmsley, who has led the company for nine years, will step down for the position on Jan. 1 and be replaced by the company's chief commercial officer, Luke Miels. The company last year agreed to pay up to $2.2 billion to resolve thousands of lawsuits over allegations that its Zantac heartburn medication caused cancer. U.S.-traded shares of GSK were up about 3% ahead of the bell. Coming into today's session, the stock had gained 18% so far in 2025.
Electronic Arts (EA) shares are sharply higher after the company said it has agreed to be acquired for $55 billion by a group comprising Saudi Arabia's Public Investment Fund and private equity firms Silver Lake and Affinity Partners. The Wall Street Journal had reported Friday afternoon that a deal was in the works, sending EA shares soaring. The stock was up 6% in recent premarket trading, adding to Friday's 15% gain.
