Tech Stocks Rally on Hope US Shutdown Nears End
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This is Bloomberg Tech. Coming up, talks continue to try and end the U.S. government shutdown, sending airline stocks rallying. We'll discuss how AI could play a role in the future of travel. Plus, tech and media earnings continue with Corweave and Paramount on the docket after the closing bell. And we'll speak with Matt Mahan, mayor of San Jose, about the city's growing AI infrastructure and its latest data center initiative. First, though, a check on the markets. Starting with the bigger picture, and look at that, we are seeing the Nasdaq 100 surge, along with other major indices. This as the U.S. Senate advances a plan to end the longest ever government shutdown. The risk-on bid lifting tech shares, really driving the rally in equities after the tech sector had been hit the hardest in recent days.
Also coming up, we're going to discuss what to expect from tech and media earnings throughout the hour. CoreWeave's results are expected to raise issues about AI spending. After last week's sell-off, CoreWeave up 1.2% right now, this after a week, where it was down 22%. This is also on the heels of other spending by tech companies like Meta and Microsoft. Also, Paramount Skydance down about 3 tenths of 1% ahead of earnings. They're expected to report higher revenue and profit. Investors also are going to be on the watch for more details on the company's reported effort to buy Warner Brothers Discovery, spending a lot of money too. buying up those rights to UFC and that big deal with the Duffer brothers.
Well, a group of eight Democrats on Sunday broke the rest of their party to vote with Republicans to advance a bill to reopen the government on the shutdown's 40th day. Bloomberg's Tyler Kendall joins us out of Washington, D.C. for more. Tyler, tell us where we are in the discussion. Where do things stand with the Senate back today?
Yeah. Hey, Tim. So the Senate advanced this legislation on a key procedural vote, but it still has to go up to debate and then get a final floor vote on the Senate floor. And importantly, any one senator could tie up that process. We have our eyes on Senator Rand Paul, a Republican from Kentucky who voted against this legislation and could ultimately delay it. However, the broad understanding here, we're expecting this legislation to advance out of the upper chamber and then go to the House later in the week. Once it passes the Senate, there are 36 hours for House lawmakers to get back to Washington and vote. But we have to look at what's actually in this legislation to see some of those pressure points that could be building on House Speaker Mike Johnson.
This bill would fund the government through January 30th. and then fund some key agencies through the rest of the fiscal year. Some hardline conservatives may not be happy with that because they didn't get the chance to negotiate those longer spending bills.
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