A looming government shutdown hasn't prompted much fear on Wall Street this morning, although equity futures have come down from their overnight highs. The S&P 500 futures trade two points, or 0.1%, below fair value after being up five points earlier. For the week, the S&P 500 is up 0.4%, looking to post its third consecutive week of gains.
The House of Representatives passed a one-month spending measure on Thursday evening, but that bill doesn't appear to have enough support to pass in the Senate, where it would need to secure at least 60 votes. If an agreement cannot be reached by midnight, the government will partially shut down.
Dow components IBM (IBM 164.00, -5.12) and American Express (AXP 96.65, -3.24) reported their fourth quarter results following yesterday's closing bell. Both companies beat earnings and revenue estimates, with IBM reporting revenue growth for the first time in over five years, but IBM shares and AXP shares are lower in pre-market trading, down 3.1% and 3.2%, respectively.
In the bond market, U.S. Treasuries are under pressure, sending yields higher across the curve. The yield on the benchmark 10-yr Treasury note is up one basis point at 2.62%--its best level since March 2017--while the 2-yr yield is also higher by one basis point at 2.04%.
Investors will receive just one piece of economic data today--the preliminary reading of the University of Michigan Consumer Sentiment Index for January (Briefing.com consensus 97.0). The report will be released at 10:00 AM ET.
Elsewhere, equity indices in the Asia-Pacific region ended Friday on a higher note, with India's Sensex (+0.7%) setting the pace, while the Euro Stoxx 50 is up 0.7%.