US pre-open: Stocks seen steady after govt shutdown avoided

(Sharecast News) - US stock futures pointed to a broadly flat open on Wall Street on Monday after the US narrowly avoided a government shutdown over the weekend. At 1215 BST, Dow Jones Industrial Average and S&P 500 futures were steady, while Nasdaq futures were up 0.2%.

Rabobank said: "Congress managed to avert a shutdown with House Speaker Keving McCarthy effectively circumventing the hardliners within his own party by tabling a stop gap funding bill which garnered the support of all but one Democrat and more than half of the Republican members of the House.

"This sees the government now able to fund itself up to November 17 but sets us up for another showdown at that time given the bill did not contain any provision for additional funding for Ukraine (a key policy pillar for the Democrats) nor for US border security (a sine qua non for Republican hardliners).

"It also remains to be seen if McCarthy will still be in his post at that time given the price of his success has been to open himself up to a leadership threat from within his own party. It is not guaranteed that his successor would be similarly willing to reach across the floor to get a deal through."

In equity markets, Coinbase shares rallied in pre-market trade as the crypto exchange said it had obtained a Major Payment Institution license from regulators in Singapore.

On the macroeconomic front, investors were eyeing the S&P Global manufacturing PMI for September at 1445 BST and the ISM manufacturing PMI at 1500 BST.