Stock market today: Dow, S&P 500, Nasdaq futures climb as strong bank earnings, rate-cut hopes soothe US-China jitters

Group 1: Market Overview - US stock futures rose on Wednesday, with Dow Jones Industrial Average futures up approximately 0.65%, S&P 500 contracts adding 0.8%, and Nasdaq 100 increasing by 1% [1] - A solid start to the earnings season is boosting market sentiment despite ongoing US-China trade tensions and a prolonged US government shutdown [1] Group 2: Company Earnings - Bank of America reported a 23% increase in profit, benefiting from a surge in big deals on Wall Street [2] - Morgan Stanley experienced a 45% profit surge, with its CEO describing the quarter as "outstanding" [2] - Positive earnings reports from PNC Financial and Abbott Laboratories were also noted, along with surprise beats from ASML and LVMH, which helped lift their stock prices [2] Group 3: Federal Reserve Insights - Federal Reserve Chair Jerome Powell indicated that "downside risks to employment appear to have risen," suggesting potential interest rate cuts [3] - Investors are increasingly betting on a rate cut later this month, with the odds for a December rate cut rising to around 95% [3] Group 4: US-China Trade Tensions - US-China trade tensions remain a concern, with President Trump considering an embargo on cooking oil from China in response to China's reduction in US soybean purchases [4] - China's recent sanctions on five US subsidiaries of South Korean shipbuilder Hanwha have further escalated tensions [4] Group 5: Government Shutdown Implications - The Trump administration is preparing for a prolonged government shutdown, with a list of federal programs expected to face cuts [5] - The White House budget office is actively seeking ways to fund military members and law enforcement during the shutdown [5]