Dow futures rise as the debt ceiling is set

Stock futures hovered as investors await comments from Federal Reserve Chairman Jerome Powell that could shed light on the interest rate path, as well as any updates on negotiations to raise the debt ceiling.

Futures crept up. Contracts linked to the S&P 500 and Dow Index rose about 0.3%, while Nasdaq 100 futures were flat. The S&P 500 posted its highest close since August on Thursday after House Speaker Kevin McCarthy said the House could vote on a debt ceiling deal as soon as next week.

Dairy shares rebounded in the market After it raised its earnings forecast on Friday. Shares of Foot Locker fell 25% after the retailer cut its forecast for the year amid declining sales.

Treasury yields fluctuate. The yield on the 10-year note was 3.699%, versus 3.647% late Thursday. One-month US Treasury yields, which have been hit hard by debt ceiling concerns, eased to 5.335% from recent highs of around 5.6%.

Commodity prices rose. Brent crude, the global benchmark, rose 1.9 percent to $77.34 a barrel. Wholesale gas prices rose in northwest Europe but remained near two-year lows.

Overseas stocks mostly rose. The continental Stoxx Europe 600 index rose nearly 0.8%, while Germany’s DAX was on track for a new record closing high.

Japan’s Nikkei 225 rose 0.8% to the highest close since August 1990. Hong Kong’s Hang Seng fell 1.4% as Asian investors suffered Thursday’s sell-off in Alibaba shares in the US.

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