Stock futures are mixed after major indexes hit record highs yesterday despite the start of a government shutdown; Tesla (TSLA) is expected to announced that its deliveries rose ahead of the end of government EV subsidies; Stellantis (STLA) shares are surging after the Jeep maker released its quarterly sales figures; and ChatGPT-maker OpenAI is reportedly valued at $500 billion. Here's what you need to know today.
1. Stock Futures Mixed as Major Indexes Look to Add to Record Highs
Stock futures are mixed this morning after major indexes closed higher for the fourth straight day yesterday, as investors brushed aside concerns about the potential impact of the federal government shutdown. Futures tied to the benchmark S&P 500 index, which hit a record high yesterday, were up 0.2% recently, while Dow Jones Industrial Average futures fell slightly after the blue chip index closed at a record high for the second straight day. Futures linked to the tech-heavy Nasdaq were up 0.6% this morning. Gold futures were at $3,910 an ounce, trading near an all-time high, while bitcoin rose to $118,700 and was trading at its highest level since mid-August. The yield on the 10-year Treasury note, which affects a range of consumer loans, was little changed at 4.10%.
2. Shutdown Continues, Affecting Data Releases and Potentially Leading to Worker Layoffs
The Senate on Wednesday again failed to pass proposals from Democrats and Republicans to keep the government open. With the Senate not scheduled to be in session today, the federal government shutdown is expected to last at least until Friday, the next opportunity for lawmakers to vote on legislation to fund the government. In the meantime, the shutdown will delay today’s release of weekly initial jobless claims and affect the delivery of other economic data, including tomorrow’s highly anticipated release of the September jobs report. As many as 900,000 federal workers could be laid off, at least temporarily, due to the shutdown.
3. Tesla Expected to Report Strong Deliveries As Tax Credits Expire
Tesla (TSLA) is expected to report that its third-quarter deliveries increased from the prior two quarters. Analysts tracked by Visible Alpha on average estimate that Tesla delivered 446,790 vehicles in the third quarter. That compares with deliveries of 384,122 in the previous quarter but would still be about 4% below results from a year ago. The third-quarter numbers likely got a boost from the Oct. 1 expiration of the government’s tax credit, which offered a $7,500 discount on electric vehicle purchases. Analysts have boosted their outlook for the company recently, citing CEO Elon Musk’s renewed focus on the company, as well as expected advances in self-driving technology and AI services. Tesla shares were up about 2% in premarket trading. Coming into today's session, the stock was up 14% in 2025, helping make Musk the first person worth $500 billion.
Shares of Stellantis (STLA) jumped 6% in premarket trading after the automaker reported strong U.S. sales growth. Stellantis said sales rose 6% in the third quarter compared with the year-ago period, as sales in September surged 16%. “Fueled by sales growth across the Jeep, Ram, Chrysler and FIAT brands, our U.S. sales saw strong results in the third quarter, including the month of September, which was our highest monthly market share in the U.S. in 15 months,” said Jeff Kommor, head of U.S. sales, in a release. Stellantis reported a net loss in the first half of the year as tariffs weighed on the company's performance.
5. OpenAI Achieves $500B Valuation to Overtake SpaceX, Report Says
ChatGPT maker OpenAI has completed a deal to help its employees sell shares of the company, putting the overall valuation of OpenAI at $500 billion, according to a Bloomberg report. That would make it the world’s most valuable startup, coming in above Musk’s SpaceX. Current and former OpenAI employees sold about $6.6 billion of stock to investors that included Thrive Capital, SoftBank Group, Dragoneer Investment Group and T. Rowe Price, the report said. Earlier this year, OpenAI was valued at nearly $300 billion.
