Stocks are inching higher today, trying to hold support, as the
United States government enters its fourth day of shutdown.
S&P 500 futures rose by less than one-tenth of a percent.
European bourses are mostly higher, led by Italy, Spain and France.
Asia was mixed in the overnight session, with Japan's Nikkei down
almost 1 percent and mainland Chinese shares up almost 1 percent.
The S&P 500 has declined in nine of the last 11 sessions and is
now trying to hold its 50-day moving average. The index fought its
way back from a decline of more than 1 percent yesterday after
bouncing at 1670, which Guy Adami identified as key support on
Market Action webinar
The pullback comes as politicians in Washington remain at
loggerheads over funding the government. Republicans in the House
of Representatives want to delay implementation of the Obamacare
health-care law, which has been rejected by the Senate. The big
concern is that continued deadlock will prevent lawmakers from
raising the country's debt ceiling later this month, creating the
risk of a potential default on payments.
Under normal circumstances, the Labor Department would release
non-farm payrolls for September at 8:30 a.m. ET today, but that
report has been delayed. Aside from events on Capitol Hill, next
big items on the calendar are likely to be earnings as companies
begin release quarterly results next week.
Despite weakness in the broader market, overall price action has
remained somewhat bullish as investors focus on strength in the
broader economy. Domestic energy companies -- especially high-risk
wildcatters and shale players -- car-rental stocks and motor-home
makers have all outperformed, according to our
researchLAB market scanner
. Solars, light-emitting diodes and hospital operators have also
stood out. Transports and small caps, usually considered more
aggressive, have been stronger than the broader market as well.
Commodities are painting a modestly bullish picture, with oil up by
almost half a percent and copper turning green after erasing losses
earlier. Gold and silver, viewed as a hedge against crisis in
Washington, are down slightly, and most agricultural products are
posting small gains.
Currencies are mildly bearish, with the euro down fractionally and
the safe-haven Japanese yen higher across the board.
In company-specific news, Union Pacific is down about 1 percent
after preannouncing weak earnings for the third quarter. Forest Oil
rose 8 percent after saying it would divest $1 billion of assets.
Facebook and Tesla Motors are also rebounding about 1.5 percent
today after the high-flying stocks pulled back in recent
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