US Futures Slip Amid No End In Sight For Government Shutdown


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With no apparent deal in the works in Washington to pass a budget that would be palatable to Republicans - defund Obama's health care bill - or to Democrats - a clean budget with no strings attached - the government shutdown continued into its 7th day, putting pressure on stock futures.

While the shutdown is estimated to cost the U.S. economy as much as $300 million per day, what concerns markets even more is the prospect of lawmakers not raising the debt ceiling by Oct. 17, which would make the U.S. default on its loans. Some Republican lawmakers have vowed to take the demand to defund the healthcare law with them into debt limit talks.

With a dearth of economic data as government offices remain shut, Federal Reserve speakers will keep their appointments. Tonight, Dallas Fed President Fisher is speaking.

In equities, Blackberry ( BBRY ) was one of bright spots, gaining 3.90% to $7.99 before the market open after a Reuters report said companies including Cisco Systems ( CSCO ), Google ( GOOG ) and SAP ( SAP ) were in talks with the smartphone maker to buy parts or all of it. At the other end of the spectrum, Copper Tire & Rubber ( CTB ) dropped 13.39% to $29.51 after merger partner Apollo Tyres said Cooper has acknowledged that it is worth less than the $2.5 billion, or $35 per share, all cash purchase price. "The issue now is by how much," Apollo said.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities
More Headlines for: BBRY , CSCO , CTB , GOOG , SAP

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