Stock futures are higher after five straight days of gains for major indexes; the government shutdown continues, delaying the release of the highly anticipated September jobs report; oil prices ticked higher after a massive fire at a Chevron (CVX) oil refinery in California; Applied Materials (AMAT) shares are losing ground after the company said export restrictions could lead to a $710 million revenue hit; and shares of Rumble (RUM) are surging after the video platform provider announced a partnership with AI firm Perplexity. Here's what you need to know today.
1. Stock Futures Up Slightly After Fifth Straight Winning Session
Stock futures are higher this morning after major indexes closed at record highs, as investors continue to downplay the potential impact of the government shutdown. Futures tied to the Dow Jones Industrial Average were up 0.2% recently, while those linked to the benchmark S&P 500 and the tech-focused Nasdaq added 0.1%, after each of the indexes gained ground for the fifth straight session on Thursday. Bitcoin (BTCUSD) was at $120,400, trading at its highest levels since mid-August, while gold rose slightly to $3,880 an ounce, just below record record levels set earlier this week. The yield on the 10-year Treasury note, which influences a slew of consumer loans, ticked lower to 4.08%.
2. Shutdown Could Stretch Into Next Week as Federal Worker Layoffs Expected to Begin Soon
The Senate is likely to vote again today on stop-gap funding measures to reopen the government. Barring any compromise between the two sides, the government shutdown is likely to extend into next week as Senate leaders have said that no votes are scheduled for the weekend. The shutdown has delayed today’s scheduled release of the September jobs report, leaving the Federal Reserve without a key data point as it considers whether to continue cutting interest rates. President Donald Trump met with Office of Management and Budget Director Russell Vought on Thursday about potentially laying off some of the 600,000 furloughed federal workers, which could begin as early as Friday. Trump has also said that government agencies could be shuttered as a result of the shutdown.
3. Oil Futures Rise on Chevron California Refinery Plant Fire
Oil futures ticked higher after a massive fire broke out at Chevron’s (CVX) El Segundo refinery plant on Thursday night. No injuries were reported and the fire is reportedly under control. West Texas Intermediate futures, the U.S. crude oil benchmark, were up 0.4% recently at $60.60 per barrel, after rising as high as $61.40 earlier. Oil prices, which ended last week at $66, had been under pressure in recent days amid expectations that major oil producing nations will agree to raise production levels. Shares of Chevron were little changed in premarket trading.
4. Applied Materials Sees $710 Million Hit from New Export Restrictions
Semiconductor equipment maker Applied Materials (AMAT) said it expects to take a $710 million hit to revenue from export restrictions published this week by the Bureau of Industry and Security. In a filing with the Securities and Exchange Commission, Applied Materials said the expansion of the export restrictions would restrict its ability to export to certain Chinese-based customers without a license. The company said the rule could reduce fourth-quarter sales by $110 million and reduce 2026 revenue by $600 million. Shares of Applied Materials were down more than 2% ahead of the opening bell.
5. Video Platform Rumble Surges on Partnership with AI Provider Perplexity
Shares of video platform Rumble (RUM) surged in premarket trading after the company announced a partnership with AI provider Perplexity. The deal will integrate Perplexity’s AI-power search tools into Rumble’s video platform, while also offering a new subscription bundle for Rumble Premium and Perplexity Pro. Rumble will also promote Perplexity’s Comet browser in advertising on the video platform. “By integrating Perplexity's AI search technology into Rumble.com, the partnership aims to improve content discoverability for both creators seeking to reach their audiences and viewers looking for specific topics or discussions,” Rumble said in a release. Shares of Rumble, which had lost more than 40% of their value so far this year through yesterday's close, were up 12% in recent premarket trading.
