Stock futures rose on Monday after Senate lawmakers took a critical step towards a potential deal to end the historic U.S. government shutdown.
Futures for the Dow Jones Industrials hiked 194 points, or 0.4%, to 47,279.
Futures for the S&P 500 index climbed 60.75 points, or 0.9%, to 6,814.50.
Futures for the NASDAQ popped 360 points, or 1.4%, to 25,526.25.
Investors continue to monitor lawmakers’ negotiations to pass a federal funding bill that would end a shutdown.
A procedural measure that allows other votes on the agreement to be held on Monday was approved by a minimum of 60 yes votes, after eight senators in the Democratic caucus broke with party leadership to support the deal.
The deal being would reopen the government into January and reverse some of the recent mass federal layoffs. It also includes future protections for government workers.
The agreement does not include an extension of ACA credits, a key sticking point for most Democrats, but it would call for a vote on the subsidies in December.
A final vote in the Senate on the funding bill will need to be held, followed by passage by the House.
Concerns over the shutdown have driven consumer sentiment to its lowest level in more than three years, just above its worst-ever, according to a University of Michigan survey released on Friday.
Due to the closure, federal agencies are no longer releasing many key economic reports, including the Consumer Price Index and Producer Price Index, which were scheduled for release this week.
The tech-heavy NASDAQ posted its worst week since the tariff-driven selloff in April, losing 3%. The S&P 500 lost 1.6% and the Dow shed 1.2% for the week.
Investors will get a look at a handful of earnings reports this week, including Walt Disney’s quarterly results on Thursday.
In Japan, the Nikkei 225 bounced 1.3% Monday, while in Hong Kong, the Hang Seng was boosted 1.6%
Oil prices moved higher 27 cents to $60.02 U.S. a barrel.
Gold prices jumped $86.90 to $4,096.70 U.S. per ounce.
