This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

All is Not Well as Futures Sink on Syria, U.S. Debt Debate

"This is no longer simply about Syria," George Friedman, chairman of the Austin, Texas-based global security intelligence firm Stratfor said in a report. "The United States has stated a condition that commits it to an intervention. If it does not act when there is a clear violation of the condition, Obama increases the chance of war with other countries like North Korea and Iran."

"It is hard to imagine how an attack on chemical weapons can avoid an attack on the regime -- and regimes are not destroyed from the air," he continued. "Doing so requires troops. Moreover, regimes that are destroyed must be replaced."

Bricklin Dwyer, an economist at BNP Paribas in New York, wrote that October has typically run deficits in the neighborhood of $120 billion over the past few years, which implies the government would be at risk of default by the end of October or early November, unless the debt ceiling is increased or suspended.

"While the timing is in line with our previous estimates, the formal announcement by Secretary Lew is a necessary step to ignite the likely contentious debt ceiling negotiations in Congress," said Dwyer.

At 10 a.m., the Conference Board's August consumer confidence numbers will be out. A decline to 79 from 80.3 is expected.

The June S&P/Case-Shiller 20-city home price index showed an as-expected increase of 12.1% before the open, down from 12.2% in May.

In other corporate news, Tiffany (TIF)was rising 1.38% to $82.80 after the luxury retailer exceeded Wall Street expectations by nine cents with second-quarter earnings of 83 cents a share and hiked its full-year outlook amid impressive sales results in China.

Specialty pharmaceutical company Hi-Tech Pharmacal (HITK) is being acquired by competitor Akorn (AKRX) for $640 million in cash, or $43.50 a share, which is a 23.5% premium over the prior session's settlement price.

The benchmark 10-year Treasury was gaining 11/32, diluting the yield to 2.75%. The dollar was up 0.1% to $81.49 according to the U.S. dollar index.

International stock markets sank. The DAX in Germany was slumping 1.59% and the FTSE 100 in London was off 0.61%. The Hong Kong Hang Seng closed down by 0.59% and the Nikkei 225 in Japan finished off 0.69%.

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs