Futures Jump after NASDAQ, S&P Post Best Day Since April

U.S. stock futures ticked higher Wednesday, as traders tried to extend a strong rally from the previous session that was sparked by tame inflation data. Wall Street also had its eyes on Washington as lawmakers tried to avoid a government shutdown.

Futures for the Dow Jones Industrials soared 116 points, or 0.3%, to 35,002.

Futures for the S&P 500 captured 21 points, or 0.5%, at 4,532.

Futures for the NASDAQ leaped 116 points, or 0.7%, to 15,995.75.

The S&P 500 climbed 1.9% Tuesday, while the NASDAQ popped about 2.4% higher. It was the best day since April for both indexes. The 30-stock Dow added nearly 490 points, or 1.4%.

These gains came after October’s consumer price index, a key inflation metric, came in lower than the 0.1% increase economists surveyed by Dow Jones had expected. Instead, the CPI came in flat on a monthly basis. Investors celebrated the news, sending stocks soaring on the hopes that the Federal Reserve could finally put an end to its rate-hiking campaign.

Target shares popped 10% on better-than-expected results for the third quarter.

Late Tuesday, the House of Representatives passed a bill to avert a government shutdown. The measure will go to the Senate for a vote. If cleared by lawmakers, the legislation goes to President Joe Biden. Without a funding bill, the federal government is slated to shut down at the end of the week.

In Japan, the Nikkei 225 leaped 2.5% Wednesday, while in Hong Kong, the Hang Seng gathered 3.9%.

Oil prices docked 48 cents to $77.78 U.S. a barrel.

Gold prices gained $8.30 to $1,974.80 U.S. an ounce.