This Day On The Street
Continue to site
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

Stock Futures Move Lower Amid Washington Uncertainties

NEW YORK (TheStreet) -- U.S. stock futures were sinking Monday with little economic data to trade on as the government shutdown continued, parts of the global market were closed for public holidays and U.S. politicians continued to negotiations on raising the country's debt limit and reopening the government.

"We believe this foolish game of chicken shows Washington lawmakers have a naïve sense of the economy and global markets," Craig Johnson, a Minneapolis-based senior technical research analyst at Piper Jaffray, said in a note. "We suspect markets will experience heightened volatility this week as the saber-rattling in Washington intensifies ahead of the projected debt ceiling limit being reached on Thursday."

Futures for the S&P 500 were down 13 points, or 11.4 points below fair value, to 1,686, while futures for the Dow Jones Industrial Average were declining 110 points, or 100.11 points below fair value, to 15,065. Futures for the Nasdaq were slipping 18.5 points, or 19.03 points below fair value, to 3,207.

In company news, Facebook (FB - Get Report) shares were slipping 1.63% to $48.31 as the social media company purchased Israeli-based analytics company Onavo to help fuel the company's push into getting more out of its terabyte and petabytes of data. The purchase price was not disclosed, though reports have indicated that Facebook spent about $200 million on the acquisition.

Expedia (EXPE - Get Report) shares were giving up 2.86% to $50.25 after the online travel services company was downgraded to "hold" from "buy" at Deutsche Bank with a $51 price target on concerns about recent management changes at the Hotels.com unit as well as execution issues.

Microsoft (MSFT - Get Report) was slipping 0.64% to $33.91 as The Wall Street Journal wrote that there have been signs of deep divisions among company directors about the future direction the company should take as they carry out a search for a new CEO. They remain divided on whether the leader should be a product innovator with deep technology experience or one with the proven ability to manage large corporations.

Must Read: Stocks Gain as Debt Deal Appears Attainable

The Federal Reserve's Beige Book anecdotal account of economic conditions across the U.S. is scheduled for Wednesday.

Earnings reports are expected to provide some distraction from the budget stalemate in Washington with key technology and bank earnings out this week. Intel (INTC) and Yahoo! (YHOO) are scheduled to report on Tuesday; IBM (IBM) on Wednesday; Google (GOOG) on Thursday.

Bank earnings this week include Citigroup (C) on Tuesday, Bank of America (BAC) on Wednesday, Goldman Sachs (GS)on Thursday and Morgan Stanley (MS) on Friday.

The FTSE 100 in London was up 0.04% and the DAX in Germany was down 0.22%. The Hong Kong and Japan stock markets were closed for public holidays.

U.S. bond markets were closed for the Columbus Day holiday.

November crude oil futures were falling 49 cents to $101.53 a barrel and December gold contracts were surging $18.20 to $1,286.40 an ounce.

-- Written by Andrea Tse in New York

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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
FB $87.28 0.00%
EXPE $107.07 0.00%
MSFT $44.40 0.00%
AAPL $126.44 0.00%
GOOG $523.40 0.00%

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs