Despite the fact that American lawmakers were able to reach a short-term agreement to avoid a government shutdown, stocks fell on Monday.
Decrease of 136 points, or 0.4%, in the Dow Jones Industrial Average. In contrast to the Nasdaq Composite, the S&P 500 traded 0.1% lower.
With a 7% share price increase, Discover was the biggest gainer in the S&P 500 on Monday morning. The next biggest winners were Insulet, a manufacturer of insulin pumps, and semiconductor manufacturer Nvidia. The gains for both businesses exceeded 3%. Coinbase and Marathon Digital, two companies that deal in cryptocurrencies, saw their shares rise 5.5% and 12.7%, respectively, as cryptocurrency values increased.
The only sectors in the broad market index that were positive were the communications services and technology sectors. While the tech industry experienced a 0.8% increase, communication services increased by 1%.
With only a few hours to go before a deadline of Saturday at midnight, the Senate approved a continuing resolution, which President Joe Biden subsequently signed into law. By extending the government’s opening until mid-November, the plan gives lawmakers more time to complete funding legislation.
Equity futures were up for the majority of Sunday evening and into Monday as a result of the shutdown resolution. Before the markets started, however, futures began to decline as investors shifted their attention back to the skyrocketing interest rates that were approaching 15-year highs.
Source (CNBC)
