United States stock futures were little changed on Wednesday night (Thursday AEST) after the Dow Jones Industrial Average and S&P 500 refreshed record closing highs, as investors appeared to shrug off concerns surrounding the U.S. government shutdown.
By 9:30 am AEST (11:30 pm GMT), futures tied to the Dow, S&P 500, and Nasdaq 100 were trading within a range of ±0.1%.
Pharmaceutical stocks extended their rally in after-hours trade. Biogen, which jumped 10.1% during the day, added another 1.3% post-close.
Merck advanced 1.2% after a 7.4% surge earlier, while Bristol Myers Squibb gained 0.9% following a 5.2% increase.
The moves came after the Trump administration unveiled a drug pricing deal with Pfizer under its “most-favored-nation” policy.
As part of the arrangement, Pfizer will sell certain drugs at lower prices via a new “direct to consumer” platform called TrumpRx.
Wall Street ended higher on Wednesday on expectations the shutdown would prove short-lived.
The Dow rose 0.1%, the S&P 500 climbed 0.3%, and the Nasdaq Composite added 0.4%.
The shutdown began after Democrats and Republicans failed to reach an agreement on a stopgap funding bill before Tuesday’s deadline.
Democrats held firm on demands to tie the measure to an extension of healthcare tax credits, a sticking point that triggered the funding lapse.
With most federal departments pausing operations, the release of September’s nonfarm payrolls report on Friday has been cancelled, heightening the economic uncertainty.
Investors are also watching how the disruption could influence the Federal Reserve, which is widely expected to cut interest rates at its October policy meeting.
The Fed’s outlook was reinforced on Wednesday by ADP data showing a decline in private payrolls last month, adding to evidence of a slowing labour market.
