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

Stock Futures Slip Amid Washington Fiscal Drama

NEW YORK ( TheStreet) -- Stock futures took a downbeat tone Wednesday as the fiscal drama in Washington dragged on amid a fast-approaching Oct. 17 deadline for raising the nation's debt ceiling.

While the U.S. budget talks are expected to reach some kind of resolution allowing for a resumption of non-core government services in a couple of weeks or less, there were still jitters about a prolonged impasse that could hamper the economic recovery. Investors expressed concern that lawmakers could harden their positions forcing a gridlocked on the bigger issue of a debt ceiling.

Futures for the S&P 500 were falling 12 points, or 10.55 points below fair value, to 1,677.5. Futures for the Dow Jones Industrial Average were slumping 77 points, or 67.70 points below fair value, to 15,043. Futures for the Nasdaq were slipping 17 points, or 16.85 points below fair value, to 3,228.5.

Alcoa (AA) was dipping by 2.57% to $7.96 in premarket trading after Deutsche Bank analyst cut its shares to "sell" from "hold" citing a gloomy outlook for aluminum prices.

BlackBerry (BBRY) was down 0.76% to $7.86. The company said that it now expects to incur $400 million in pre-tax charges related to its restructuring program, through fiscal 2014 and the first quarter of fiscal 2015, up from its previous expectation of $100 million of such charges.

In economic reports, private payroll employment grew by a lower than expected 166,000 in September, according to payroll process Automatic Data Processing, versus the average economist expectation of 180,000. August's job gain was revised down to 159,000 from 176,000.

It's now expected the Bureau of Labor Statistics jobs report for September won't be released on Friday until the government resumes operations as usual.

Boston Federal Reserve Bank President Eric Rosengren is expected to speak in Burlington, Vt., at 12 p.m., while Fed Chairman Ben Bernanke and St. Louis Federal Reserve Bank President James Bullard are anticipated to give opening remarks at the St. Louis Fed's Community Banking Research Conference at 3 p.m.

The FTSE 100 in London was falling 0.83% and the DAX in Germany was behind by 0.57%. The Hong Kong Hang Seng finished up 0.55% while the Nikkei 225 in Japan closed down by 2.17%.

The benchmark 10-year Treasury was rising 12/32, pushing the yield down to 2.612%. The dollar was falling 0.04% to $80.11 according to the U.S. dollar index.

December gold futures contracts were surging $8.30 to $1,294.40 an ounce, while November crude oil futures were down by 31 cents to $101.73 a barrel.

-- Written by Andrea Tse in New York

>To contact the writer of this article, click here: Andrea Tse.>

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 17,123.56 -49.12 -0.29%
S&P 500 1,991.78 -2.51 -0.13%
NASDAQ 4,525.1530 -2.5360 -0.06%

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