US pre-open: Futures steady as shutdown, data blackout remain in focus
By Iain Gilbert
Date: Thursday 02 Oct 2025
(Sharecast News) - Wall Street futures were mixed ahead of the bell on Thursday after the S&P 500 wrapped up the previous session at another record high.
As of 1255 BST, Dow Jones futures were down 0.05%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.23% and 0.49% firmer, respectively.
The Dow closed 43.21 points higher on Wednesday as investors shrugged off concerns surrounding the Federal Government's shutdown after Democrats and Republicans failed to reach a funding agreement by Tuesday's deadline, with both sides trading blame over the impasse. Democrats have held firm on demands to use the measure to extend healthcare tax credits for millions of Americans.
The shutdown was still firmly in focus ahead of the bell on Thursday, with attention now turning to how long the stalemate will last. With the Senate out of session on Thursday for Yom Kippur, the earliest lawmakers were expected to reconvene was Friday. Prediction markets suggest the shutdown could stretch for nearly two weeks.
While markets have typically weathered shutdowns with limited disruption, this episode could prove more volatile given elevated valuations, inflationary concerns, and policy uncertainty amid the AI-led rally. Donald Trump has threatened to make permanent job cuts for federal workers, adding to unease around labour market conditions.
The shutdown has also triggered a data blackout, with the Labor Department suspending most activity, including Friday's nonfarm payrolls report. In its absence, yesterday's ADP private payrolls data, which showed a decline in hiring, has taken on greater significance as the Federal Reserve was originally expected to cut rates at its October meeting; however, the full impact of the shutdown remains unclear.
On the macro front, US employers announced 54,064 job cuts in September, marking the lowest monthly total in three months and down 25.8% year-on-year, according to the latest Challenger jobs report. The services sector led the monthly reductions with 6,290 cuts, followed by energy at 5,807 and technology at 5,639. Despite the slowdown in September, planned layoffs in the third quarter totalled 202,118 - the highest Q3 reading since 2020.
Year-to-date, US companies have announced 946,426 job cuts, the highest total since 2020 and the fifth largest in the past 36 years. The government sector accounted for the bulk of reductions, with 299,755 cuts, including 289,363 federal roles affected by the Department of Government Efficiency.
No major corporate earnings were slated for release on Thursday.
Reporting by Iain Gilbert at Sharecast.com
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