U.S. stock futures were higher Thursday after strong bank earnings shifted investor focus from risks both at home and abroad as a U.S. government shutdown heads into its third week and escalating trade tensions with China persist. Futures tied to the Dow Jones Industrial Average rose 150 points, or 0.3%. S&P futures gained 0.4%, while the Nasdaq 100 futures added 0.6%. J.B. Hunt Transport Services shares jumped more than 13% after the company beat Wall Street’s earnings and revenue expectations and Salesforce shares rose 4% after the company gave a strong forecast at its annual Dreamforce conference. Shares of United Airlines dipped 1%, on the other hand, after the airline’s revenue disappointed. Stocks saw choppy trading on Wednesday, but both the S&P 500 and Nasdaq ended in the green as investors were encouraged by strong earnings from major banks. Volatility has increased this week, particularly as tit-for-tat trade tensions have flared up between the U.S. and China. The Cboe Volatility Index (VIX), widely referred to as Wall Street’s fear gauge, finished the day at 20.6. Stocks have seesawed since President Donald Trump on Tuesday threatened China with a cooking oil trade ban. The retaliatory move came as Beijing purchased fewer U.S. soybeans due to Trump’s tariffs implemented earlier this year. Trump has also threatened to place an additional 100% tariff on any goods coming from China in response to the country’s new export controls on rare earth minerals. The Trump administration plans to set price floors across a range of industries to combat market manipulation by China, Treasury Secretary Scott Bessent told CNBC on Wednesday. Investors are also keeping a watchful eye as the U.S. government shutdown continues for a third week. The stoppage has led to an indefinite shutdown of crucial economic data releases from federal agencies, giving traders less information at a time when concerns about the labor market, the effect of tariffs on consumers, high interest rates and historically elevated market valuations all remain top of mind. LPL chief technical strategist Adam Turnquist pointed out that although the S&P 500 has seen a record-setting rally since the start of July, a closer look at market breadth trends show a deviation between price action and stocks’ participation in the run-up. The artificial intelligence trade has powered most of the S&P 500′s recent returns, with shares of technology giants Nvidia, Alphabet, Apple, Broadcom and Tesla collectively accounting for 60% of the broader market’s total return between July 1 and Oct. 14, he said. “While the trend model shows that there are still more S&P 500 stocks trading in uptrends vs. downtrends, the narrowing gap highlights emerging cracks in the market’s foundation,” Turnquist said in a Wednesday note to clients. “These cracks can be repaired through broadening participation, but they also underscore the elevated concentration risk tied to a handful of dominant names driving the rally.” South Korea’s Kospi index closed at a record high Thursday, after the International Monetary Fund raised the country’s 2025 growth forecast to 0.9% from 0.8% in its October outlook report. South Korea’s Kospi soared 2.49% to close at 3,748.37, small-cap Kosdaq closed flat at 865.41. Australia’s ASX/S&P 200 rose to a new record after the country’s seasonally adjusted unemployment rate jumped to a near four-year high in September at 4.5%. That compares with the 4.3% estimated by Reuters-polled economists and the 4.2% rate in August. The index added 0.86% to close at 9,068.4. Japan’s benchmark Nikkei 225 index jumped 1.27% to close at 48,277.74, while the Topix index added 0.62% to 3,203.42. Hong Kong’s Hang Seng Index closed flat at 25,888.51, while the Hang Seng Tech Index lost 1.18% to settle at 6,003.56. Mainland’s CSI 300 added 0.26% to close at 4,618.42. Oil prices rose by around 1% in early trade on Thursday after U.S. President Donald Trump said Indian Prime Minister Narendra Modi had pledged his country would stop buying oil from Russia, which supplies about one-third of its imports. Brent crude futures rose 57 cents, or 0.9%, to $62.48 a barrel at 0046 GMT. U.S. West Texas Intermediate (WTI) futures also added 0.9%, or 54 cents, to trade at $58.81. Both contracts touched their lowest since early May in the previous session on U.S.-China trade tensions and after the International Energy Agency warned of a big surplus next year as OPEC+ producers and rivals lift output amid weak demand. Gold extended its rally to a fresh record high on Thursday, as investors turned to the safe-haven asset due to U.S.-China trade tensions and the U.S. government shutdown, with prospects of interest rate cuts further boosting demand. Spot gold was up 0.6% at $4,233.39 per ounce, as of 0810 GMT. Earlier in the session, bullion touched a record high of $4,241.77, climbing for a fifth consecutive session. U.S. gold futures for December delivery were up 1.1% at $4,247.10. Gold, traditionally seen as a store of value during times of instability, has risen 61% year-to-date.