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Even After Lawmakers Avoid a Government Shutdown, Stock Futures Decline to Start the Month

Following the interim agreement reached by US lawmakers to avoid a government shutdown, stock futures started to decline on Monday.

86 points, or 0.2%, were lost by futures linked to the Dow Jones Industrial Average. While Nasdaq-100 futures declined by 0.1%, S&P 500 futures traded lower by 0.2%. The Dow futures were up by more than 100 points early in the session.

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. The bill extends the time the government is open by 45 days, giving legislators plenty of time to finish drafting funding legislation.

Jamie Cox, managing partner at Harris Financial, stated that investors dislike being pushed repeatedly towards a precipice. We “should see a very good reaction in the markets” since there won’t be a closure.

Investors worried that Congress would eventually engage in another shutdown dispute as Saturday’s accord did nothing to address simmering differences on total government spending levels, the border, and Ukraine. As a result, futures gains were modest.

Source (CNBC)

SourceCNBC
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