Pre-Market Analysis: November 10, 2025 - Government Shutdown Progress Drives Risk-On Sentiment

This pre-market brief analyzes US equity conditions for Monday, November 10, 2025, based on market data and overnight developments. The primary market driver is Washington’s progress toward ending the record 2025 government shutdown, with the Senate clearing a key procedural vote on a short-term funding deal through January 30, 2026 [1][2].

[0][1]:

• S&P 500 futures are indicating a 0.5% to 0.8% gain (suggesting ~6,766 level)
• Nasdaq-100 futures show stronger momentum with 0.7% to 1.3% gains (indicating ~25,322 level)
• Dow Jones futures are more modest with 0.1% to 0.3% gains (indicating ~47,124 level)

This follows Friday’s close where major indices posted solid gains: S&P 500 at 6,728.81 (+0.49%), Nasdaq at 23,004.54 (+0.49%), and Dow Jones at 46,987.11 (+0.41%) [0].

The Senate’s 60-40 procedural vote to advance spending legislation has triggered broad-based risk-on sentiment. This development is particularly beneficial for sectors directly impacted by government operations:

are showing significant pre-market strength with American Airlines (AAL), United Airlines, and Delta Air Lines all rising approximately 2% as shutdown resolution would restore normal air travel operations [2]. The aviation industry has been particularly vulnerable during the shutdown due to FAA staffing issues and reduced government travel.

are also positioned to benefit from resumed federal spending, though specific companies are not highlighted in the current data.

: Diageo surged nearly 8% after appointing former Tesco chief Dave Lewis as CEO, effective 2026. Lewis is known for cost-cutting expertise and innovative marketing strategies, sparking investor enthusiasm for a potential turnaround at the beverage giant [2].

: Metsera tumbled 15% after Pfizer won a bidding war to acquire the obesity drug developer for $86.25 per share, outbidding rival Novo Nordisk. The 4% premium to Friday’s close indicates competitive M&A dynamics in the pharmaceutical sector [2].

: Rumble surged more than 17% after securing a $100 million advertising commitment from Tether and announcing a $767 million acquisition of German AI firm Northern Data, highlighting continued consolidation in AI and digital media [2].

The pre-market activity reveals notable sector divergence [0]:

• Utilities
  : Leading with +4.72% gains
• Financial Services
  : Strong performance at +2.26%
• Energy
  : Solid gains of +1.76%
• Technology
  : Weakest major sector at +0.03%

This pattern suggests a rotation away from technology after last week’s AI-related selloff, with investors seeking value in more traditional sectors during the government shutdown resolution.

• Government shutdown timeline uncertainty
  : While progress is positive, the final resolution timeline remains unclear and could impact market sentiment
• AI sector volatility
  : Technology stocks remain vulnerable after last week’s selloff, with modest pre-market gains indicating continued caution
• Energy sector sensitivity
  : Energy stocks could be impacted by geopolitical developments and supply chain disruptions

• Airline recovery
  : The sector appears positioned for significant gains if shutdown resolution proceeds smoothly
• Government contractor exposure
  : Companies dependent on federal spending could see rapid appreciation
• Financial sector strength
  : Banks and financial services are benefiting from risk-on sentiment and potential economic normalization

• 8:00 AM: Overnight Bank Funding Rate Data
• 9:30 AM: Kansas City Fed Policy Rate Uncertainty
• 12:00 PM: Commercial Paper data
• 3:15 PM: H.15 Selected Interest Rates

• Barrick Mining (B)
  : Q3 2025 results expected EPS of $0.61
• Occidental Petroleum (OXY)
  : Q3 2025 results expected EPS of $0.49
• Li Auto (LI)
  : Q3 2025 results expected EPS of $0.56

• Rumble (RUM): +17% on Tether advertising deal and Northern Data acquisition
• Diageo (DEO): +8% on new CEO appointment
• Viasat (VSAT): +12% on strong quarterly results and Raymond James upgrade
• MP Materials: +3% on Deutsche Bank upgrade to buy
• Palantir (PLTR): +3% recovering from last week’s AI selloff

• Metsera (MTSR): -15% on Pfizer acquisition news
• Monday.com (MNDY): Under pressure despite beating Q3 estimates as Q4 guidance disappointed
• Editas Medicine (EDIT): -8.18% despite beating Q3 EPS estimates by $0.03

• S&P 500
  : Resistance at 6,800, support at 6,700
• Nasdaq
  : Resistance at 23,200, support at 22,900
• Dow Jones
  : Resistance at 47,200, support at 46,800

The pre-market rally suggests investors are positioning for a risk-on session, with financials and energy leading gains. However, the modest technology performance indicates some caution remains after recent AI-related volatility. The government shutdown resolution progress appears to be the dominant catalyst driving market sentiment across multiple sectors.