This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Stock Futures Fall as Government Shutdown Hits Day 3

Stocks in this article: ^DJI ^GSPC ^IXIC UTX BBRY

NEW YORK (TheStreet) -- U.S. stock futures were pointing to a lower opening Thursday despite a modestly positive labor report that followed President Obama's warning to Wall Street that investors should be concerned about the government shutdown and impending debt ceiling debate.

Futures for the S&P 500 were sliding 0.16% 1,680.25. Futures for the Dow Jones Industrial Average were dropping 0.15%, to 15,002. Nasdaq futures were losing 0.09% to 3,234.50.

Thursday marked the third day of the so-called partial government shutdown, in which Congress failed to pass legislation to fund previously approved expenditures. Non-excepted, or "non-essential," federal employees remained on furlough without immediate pay. President Obama on Wednesday told CNBC that Wall Street should be "concerned" that Congress has yet to forge an agreement to fund the government and raise the debt ceiling, which the Treasury Department expects to reach on Oct. 17. The government would no longer be able to pay creditors for obligations lawmakers approved in previous sessions.

The Labor Department on Thursday said claims totaled 308,000 for the week ended Sept. 28, as the prior week's claims were revised slightly higher to 305,000. Economists polled by Thomson Reuters were expecting claims of 313,000. The four-week moving average dipped to 305,000 claims.

Investors were anticipating factory orders for August, but that report could be delayed because of the shutdown. The Institute for Supply Management's non-manufacturing index for September is to be issued at 10 a.m. Analysts are expecting the index to hit 57.4, which would be slightly lower than the previous month reading of 58.6.

In company news, BlackBerry (BBRY) shares were rising 0.75% to $8.02 in premarket trading after a Wall Street Journal report said private-equity group Cerberus Capital Management is seeking a confidentiality agreement to allow access to BlackBerry's financial information to make a new bid for the smart-phone producer.

United Technologies (UTX) announced it may furlough more than 5,000 U.S. workers if the shutdown continues into November. The company said it expects some 2,000 employees who construct Black Hawk helicopters to be furloughed on Monday, and that the total could rise to 4,000 by next week on furloughs for its Pratt & Whitney and UTC Aerospace Systems division.

-- Written by Joe Deaux in New York.

>Contact by Email.

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!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

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