For the first time since her tragic shooting, Congresswoman Gabrielle Giffords returns to Washington to cast her vote, helping the House of Representatives to pass the debt ceiling bill. The Senate vote is today at noon and is expected to pass, to be sent to President Obama's desk this evening.
Despite a potential end to the debt-ceiling impasse, S&P 500 futures are negative, down nearly 1% in early trading as investors turn their attention to weak U.S. economic data. Last Friday, the sluggish GDP number was overshadowed by the debt ceiling debate. Yesterday, weak U.S. manufacturing data turned profit-taking into outright selling, before a rally into the close. Overseas markets remain weak, with the MSCI Asia Pacific Index down nearly 2%, while the Stoxx Europe 600 index is down 1%.
SPDR Gold Trust ETF
iShares Silver Trust ETF
are in positive territory, both up nearly 1%. Investors fear that slowing global growth may hurt the ability of governments to repay debts. Although gold stocks like
remain surprisingly weak despite the move in precious metals.
Technology stocks continued to show market leadership during yesterday's heavy selling as
closed positive, while
stayed above the $600 level.
briefly touched all-time highs and
(SOHU - Get Report)
reported earnings that beat estimates before both going negative on the day. Traders sold
ahead of earnings this week.
also showed relative strength yesterday as it traded above its $75 resistance level, while
continues to consolidate after a post-earnings move off 52-week lows.
However, companies that are more representative of the broader economy such as
(GE - Get Report)
(AA - Get Report)
(CAT - Get Report)
appear bearish on the charts. Also
(MMM - Get Report)
remains well below its major moving averages and yesterday's manufacturing number only created more selling pressure in the stock.
(F - Get Report)
(GM - Get Report)
will be in focus today with data on auto and truck sales coming out at 3pm.
Disclosures: Scott Redler is long BIDU, SPY, AAPL, LVS, JCP