(INDEXSP:.INX) was down for the sixth time in the past seven
sessions as the US Senate voted to approve a spending bill to avoid
a government shutdown, an outcome which was largely expected by
market participants. However, since the aforementioned bill must
stil be approved by Congress, there is still tension in the air.
Prior to this losing run, the market had been up for four days
in a row, marking an all-time high of 1729.86 on September 18,
implying that the recent decline may be routine profit-taking after
a big run higher.
In terms of the trading action, it was a risk-off day, with
strength in US Treasuries, and notable underperformance in
homebuilding stocks and emerging markets, both of which were down
more than 1%.
Additionally, market leader
) continued to slide, and the stock is now down nearly 4% from
itsMonday morning high of $499, which it hit due to its bullish
iPhone sales news.
Elsewhere in the market, embattled retailer
) fell 13% to $9.05 after the company announced a public offering
of 84 million shares at $9.65 per share.
And shares of smartphone maker
) rose slightly after the company announced second-quarter results
that were in-line with the company's pre-announcement one week ago.
The star of the day, however, was footwear maker
), which surged 4..7% to $73.64, courtesy of an impressive earnings
Tomorrow's Financial Outlook
At9:00 a.m. ET , the September ISM Milwaukee report will be
issued. Last month's reading was 48.21.
At9:45 a.m. ET , September Chicago PMI will be released. The
consensus forecast is for a reading of 54.0, up from 53.0 last
On the international front, the China HSBC/Markit Manufacturing
PMI will be reported; it will likely be closely watched by those
looking for a rebound in Chinese economic activity.
There are no major earnings reports scheduled forMonday .