Stock futures remain unchanged Thursday as the debt ceiling agreement passes the House of Representatives

US financial markets showed little reaction early Thursday after the US House of Representatives last night approved a debt ceiling deal that would avert global financial turmoil and a near-certain recession.

S&P 500 futures were up 9 points, or 0.2%, ahead of the U.S. markets open, while futures pegged to the Dow Jones Industrial Average were flat.

The muted reaction in markets was because stocks never fell leading up to the vote on the assumption that Congress would eventually reach an agreement to avoid a default, said Jason Ware, chief investment officer at Albion Financial Group. He also says the bill awaits passage from the US Senate in the coming days.

Gentlemen peasantsSNAP work requirements are on the table in the debt ceiling vote. What about farm subsidies?

overpriced?How much is Twitter worth? According to Fidelity, that’s a lot less than what Elon Musk paid for it

“Shares have held steady throughout this phase of DC’s risk appetite,” says Ware. “Investors have essentially said, ‘We’ve seen this movie before,’ so there’s no reason to recover once we’ve gotten to the other side of this peril.”

Instead, he thinks investors may be worrying about a more familiar set of issues — inflation, the Fed raising interest rates and the risk of a recession.

“Now back to our regular program,” says Ware.

The S&P index closed at 4,180 on Wednesday, up 9.3% this year.

In Asia, stock indices were mostly higher overnight after the debt deal, although enthusiasm was dampened by worries about the Chinese economy.

Japan’s benchmark Nikkei 225 rose 0.3% to 30,976.43 in morning trade. Australia’s S&P/ASX 200 rose 0.3% to 7,109.40. South Korea’s Kospi quickly pared its early gains, falling 0.4% to 2,567.86. Hong Kong’s Hang Seng was up 0.8% to 18,381.63, while the Shanghai Composite was up 0.4% to 3,216.86.

Major stock indices in Europe also rose on news of the US debt ceiling, with Germany’s DAX up 1% and London’s FTSE up 0.3%. A report showing lower-than-expected inflation in the euro zone also helped stocks.

If the debt deal also passes the Senate, the state checks would continue to be paid to Social Security recipients, veterans and others and would avert financial turmoil at home and abroad before the deadline on Monday, when the Treasury Department said the checks would go to the U.S would run out of money to pay off his debts.

Contribution: The Associated Press