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NEW YORK (CNNMoney)
Investors and traders had a surge of optimism Thursday as it seemed Washington was beginning to sort out its debt ceiling issues, with President Obama and Congressional leaders holding negotiations over a temporary extension of the borrowing limit.
U.S. stocks posted a major relief rally, with the Dow Jones Industrial Average making its largest gain of 2013.
U.S. stock futures were treading water Friday as investors wait to see whether a deal can take shape.
Thursday's rally came even as a damaging partial shutdown of the federal government moves into its 11th day with no end in sight.
In addition to the debt ceiling talks, mega-banks will be in the spotlight, with JPMorgan (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500) set to release quarterly results before the opening bell.
Related: Fear & Greed Index
At 9:55 a.m. ET, the University of Michigan and Thomson Reuters will release the latest edition of their consumer sentiment index.
According to a recent Gallup poll, consumer confidence registered its sharpest one-week drop since the period immediately following the collapse of Lehman Brothers, with people worried about how the fracas in Washington could hit their wallets.
Meanwhile, the U.S. Census Bureau had been slated to post monthly retail sales figures at 8:30 a.m. but the stats will not be out because the government shutdown has cut the funding for compiling and releasing the data.
Related: China looks for an end to the debt ceiling debate
Gap (GPS, Fortune 500) shares sank in after-hours trading Thursday after the clothing maker reported weak same-store sales figures.
European markets were mixed in morning trading after Thursday's relief rally. But one star performer on the London Stock Exchange -- Royal Mail -- saw shares soar by more than 30% as it started trading following a much sought-after initial public offering.
Asian markets closed with big gains, following Wall Street. Japan's Nikkei surged by 1.5% and the Shanghai Composite index shot up by 1.7%. 
First Published: October 11, 2013: 5:03 AM ET
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