Stock futures pulled back on Thursday after a continued market rotation powered the Dow Jones Industrial Average to fresh highs. Futures tied to the Dow Jones Industrial Average fell 132 points, or 0.3%. The S&P futures shed 0.3%, while Nasdaq-100 futures declined 0.4%. Disney was one the key laggards in premarket trading, as shares fell 5% on mixed results for the company’s fiscal fourth quarter. Wednesday again saw a divergence between technology stocks and other pockets of the market as value-oriented sectors such as health care outperformed. The rotation has been a relief for some investors looking for a broadening out of the market, but it could also signal growing caution away from risk-on assets. The Dow on Wednesday closed above 48,000 for the first time, putting the 30-stock index on pace for its best weekly performance since late June. The S&P 500 settled up slightly above the flatline to post four straight days of gains, meanwhile, and the tech-heavy Nasdaq Composite closed the day in the red. “We have rebounded in dramatic fashion from the April lows,” said Eric Teal, chief investment officer at Comerica Wealth Management. “Most importantly, the market is broadening out beyond just growth and technology, including industrials, financials, and healthcare. Small-cap stocks are also participating in the rally as lower short-term interest rates have been a harbinger for small-cap outperformance.” Investors were optimistic during Wednesday’s session that the U.S. government shutdown — the longest in history — would end after lasting six weeks. That outcome came to fruition that evening, when President Donald Trump signed into law a funding bill to reopen the federal government. The bill, which had been passed by the House of Representatives earlier in the night, will fund government operations through the end of January. The extended stoppage caused investors to fly blind without key economic reports, such as the October jobs report and inflation data, and contributed to the market’s recent choppiness. White House press secretary Karoline Leavitt told reporters on Wednesday that these reports may ultimately never be released, and that the shutdown could lower fourth-quarter economic growth by up to 2 percentage points. Most economists expect minimal impact to U.S. GDP, however. “The gears of the government should be working again soon, and while that is a relief for markets and the economy, there is still plenty of uncertainty, particularly around the missed inflation and jobs data and how these fronts have been faring,” said Carol Schleif, chief market strategist at BMO Private Wealth. “While we have always expected that many of the data points missed during the shutdown will remain dark, there are questions about what the inflation and jobs data will look like once these reports come back online.” “We would not be surprised to see some market chop over the coming weeks as the government gears and economic data presses get turning again,” she added. While the data blackout has posed a challenge for the Federal Reserve’s data-dependent stance, increasing pessimism among investors about the prospect of lower interest rates from here, Schleif said that she still expects the central bank to cut its benchmark overnight borrowing rate at its upcoming meeting in December. Markets are rather split on the likelihood of that happening, currently pricing in a nearly 54% chance that the Fed will indeed cut next month, per the CME FedWatch tool. U.S. Treasury yields held steady on Thursday as investors welcomed the end of the longest government shutdown in U.S. history. The 10-year Treasury yield rose more than 1 basis point to 4.092%. The 2-year note yield was up more than 2 basis points at 3.589%, while the 30-year bond yield climbed more than 1 basis point to 4.674%. Asia-Pacific shares mostly rose Thursday after U.S. President Donald Trump signed a funding bill into law, effectively ending the longest federal government shutdown in U.S. history. Japan’s benchmark Nikkei 225 index rose 0.43% to close at 51,281.83. The Topix added 0.67% to 3,381.72, after hitting a record high of 3,389.12 earlier in the session. South Korea’s Kospi rose 0.49% in volatile trading to settle at 4,170.63, while the small-cap Kosdaq climbed 1.31% to 918.37. Australia’s S&P/ASX 200 pared losses to 0.52% at 8,753.4 after the seasonally adjusted October unemployment rate eased to 4.3%, government jobs data showed Thursday. Hong Kong’s Hang Seng Index added 0.56%, while the mainland’s CSI 300 advanced 1.21%. Gold prices rose on Thursday, hitting a more than three-week high, on expectations that the U.S. government reopening would increase debt levels, while delayed economic data could bolster the case for a Federal Reserve rate cut next month. Spot gold gained 0.7% at $4,227.15 per ounce, its highest since October 21. U.S. gold futures for December delivery rose 0.4% at $4,232.30 per ounce. Oil prices edged down on Thursday, extending losses from the previous session, as a report showing rising crude inventories in the United States reinforced concerns about global oversupply. Brent crude futures fell 20 cents to $62.51 a barrel, after dropping 3.8% a day earlier. U.S. West Texas Intermediate crude fell 24 cents to $58.25 a barrel, extending a decline of 4.2% on Wednesday. U.S. crude stockpiles rose by 1.3 million barrels in the week that ended November 7, market sources said on Wednesday, citing American Petroleum Institute figures.