E-mini S&P 500 futures closed the day and the week higher, settling back north of 6,700 after an early decline to new weekly lows near 6,571. The reversal and rally were attributed to a more positive market tone, easing funding pressures, and improved global trade sentiment, rather than new data releases. Volatility, which had seen a big spike higher yesterday to its highest level since April, reversed and closed lower on the day and the week as stocks moved higher off their lows. Looking ahead, the focus for the market will be on earnings, which continue next week, and the delayed release of the CPI number on Friday, October 24, as the government shutdown continues to limit data releases. There will be no Federal Reserve speakers as they enter the blackout period ahead of the October FOMC meeting.
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