FX.co ★ US Futures Rise on Hopes of Government Reopening

U.S. stock futures rose on Monday, driven by optimism that lawmakers are approaching a resolution to the prolonged government shutdown. Senate Majority Leader John Thune indicated on Sunday that a budget deal is taking shape, potentially allowing the government to function through January and reversing some recent federal layoffs. Reports suggest that some Democrats might support the proposal even without an extension of health care subsidies, although there is still considerable uncertainty. Last week, the Dow Jones Industrial Average fell by 1.21%, the S&P 500 declined by 1.63%, and the Nasdaq Composite dropped by 3.04%, as concerns about overvalued AI stocks triggered a selloff in technology shares. In corporate developments, Nvidia's CEO, Jensen Huang, has requested TSMC to increase chip production to satisfy the rising demand for AI technology. Meanwhile, Pfizer has agreed to acquire Metsera for up to $10 billion, outbidding Novo Nordisk.