Back to main

Washington deadlock delays data

Posted
10/3/2013 2:47:00 AM
By: optionMONSTER
Referenced Stocks:SPX

There are several events on today's economic calendar, but the fiscal impasse in Washington is likely to remain the key market driver.

The news begins across the Atlantic early in the session, with service-sector purchasing managers index data and retail sales. Those could have some impact on trading.

The main U.S. data release is the Institute of Supply Management's service-sector index at 10 a.m. ET. Economists expect a reading of 57.2, down from 58.6 last month.

The Labor Department normally would release weekly jobless claims at 8:30 a.m. ET, but the numbers are unlikely to come out today because of the government shutdown. Factory orders from the Commerce Department at 10 a.m. ET and natural-gas inventories from the Energy Department at 10:30 a.m. ET will probably be skipped as well.

Economists were looking for claims to rise to 315,000 from 305,000 in the previous week. Factory orders, which cover the month of August, were expected to increase 0.3 percent after a 2.4 percent drop in July.

Constellation Brands is the main company reporting earnings, with its release scheduled for before the opening bell.