US Stocks Set For Another Lower Open as Shutdown Drags On, Debt Limit Nears

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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.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial down 0.77%

-S&P 500 futures down 0.82%

-Nasdaq 100 futures down 0.70%

-Nasdaq-100 Pre-Market Indicator down 0.24%

GLOBAL SENTIMENT

Nikkei down 1.22%

Hang Seng up 0.72%

Shanghai Composite up 0.68%

FTSE-100 down 0.81%

DAX-30 down 1.17%

PRE-MARKET SECTOR WATCH

(-) Large cap tech: lower

(-) Chip stocks: lower

(+/-) Software stocks: unchanged

(-) Hardware stocks: lower

(-) Internet stocks: lower

(-) Drug stocks: lower

(-) Financial stocks: lower

(+/-) Retail stocks: unchanged

(-) Industrial stocks: lower

(+/-) Airlines: unchanged

(-) Autos: lower

UPSIDE MOVERS

(+) CTIC (+5.03%) FDA grants special protocol assessment for trial on myelofibrosis drug pactrinib

(+) AAPL (+0.68%) Jefferies upgrades stock to buy from hold, sets price target at $600

DOWNSIDE MOVERS

(-) ATOS (-49.44%) Recalls breast health tests to address FDA concerns

(-) DRYS (-7.14%) Co plans to sell $200 million shares

(-) TWGP (-4.85%) Co is reportedly looking to raise capital



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

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: BBRY , CSCO , CTB , GOOG , SAP

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As of 11/26/2014, 04:15 PM

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