U.S. stock futures pointed to a higher opening on Friday, with the S & P 500 and the Nasdaq Composite remaining on track to finish the week well in the green. With the funding deal impasse continuing after the Senate failed for a seventh time to pass funding proposals, the government shutdown has entered its 10th day.

The current bull market is turning 3 years old this Sunday amid talks of an imminent collapse as investors worry about an artificial intelligence (AI) bubble buildup. Despite the multiple headwinds on the horizon, a strategist expressed hopes that the rally will have further legs.

Sharing historical data in a post on X, Carson Group's Ryan Detrick said the current bull market, which officially began on Oct. 12, 2022, is still young.“This one is three years old soon, but remember that the average bull lasts more than five years and gains close to 200%,” he added.

As of 1:15 a.m. ET on Friday, the S & P 500, Nasdaq 100, and Dow futures were all up a little over 0.05%, while the Russell 2000 futures added 0.15%.

Stocks retreated on Thursday amid the ongoing government shutdown and the lack of any economic cues. Federal Chairman Jerome Powell, while giving the welcoming remarks via a pre-recorded video at the Community Bank Conference, refrained from discussing the monetary policy outlook and the economy. All but the consumer staple stocks retreated, with material, industrial, and energy stocks experiencing sharp losses. The declines may have been worse if not for the strong gains recorded by heavily-weighted Nvidia and Oracle shares.

The SPDR S & P 500 ETF (SPY), an exchange-traded fund (ETF) that tracks the S & P 500 Index, and the Invesco QQQ Trust (QQQ) fell 0.29% and 0.12%, respectively. The iShares Russell 2000 ETF (IWM) and the SPDR Dow Jones Industrial Average ETF Trust (DIA) retreated 0.64% and 0.55%, respectively.

Among the catalysts for the day are the University of Michigan's preliminary consumer sentiment index for October and earnings from Fastenal Company (FAST).

Crude oil futures extended their losses and were moderately lower in the Asian session, and gold futures climbed modestly, although trading off their all-time highs past the $4,000 level. The 10-year U.S. Treasury note yield eased in the Asian session after climbing 1.9 basis points to 4.1480% on Thursday. The U.S. dollar rally seen on Thursday has stalled, with the greenback trading lower against most major counterparts.

Most major Asian markets are lower on Friday following their recent run-up, led lower by the Hong Kong and Japanese markets. The South Korean market, which reopened after public holidays, caught up with the recent gains in the region, and the Indian market also advanced, while the Taiwanese market was closed for a public holiday.

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