US stock futures began November with modest gains, extending October’s rally as investor sentiment remained cautiously upbeat. S&P 500 futures rose 0.28%, Nasdaq-100 futures gained 0.35%, and Dow Jones Industrial Average futures added 0.2%.

Optimism around seasonal strength—November being historically the strongest month for the S&P 500 with an average 1.8% gain—has lifted confidence. However, uncertainty persists due to the ongoing US government shutdown, which has delayed key economic data releases, including the monthly jobs report.

In October, major indices closed higher, led by the tech-heavy Nasdaq Composite, which surged about 4.7% on the back of strong corporate earnings and enthusiasm for artificial intelligence and cloud computing. The Dow Jones Industrial Average also advanced 2.5%, supported by gains in industrial and consumer discretionary sectors.

AI optimism continues to fuel the market, with Amazon CEO Andy Jassy citing AI as a key driver of long-term revenue growth. Shares of companies such as Palantir and Oracle saw gains, while Nvidia’s milestone as the first company to reach a $5 trillion valuation highlighted the sector’s growing dominance.

Despite the upbeat tone, broader market caution remains amid mixed global economic signals and uncertainty surrounding future Federal Reserve policy. The recent quarter-point rate cut has left investors watching closely for potential moves in December, while geopolitical and fiscal concerns continue to temper bullish sentiment.