This Day On The Street
Continue to site right-arrow
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 Move Lower Amid Washington Uncertainties

Stocks in this article: ^DJI ^GSPC ^IXIC FB EXPE MSFT

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) 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) 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 unit as well as execution issues.

Microsoft (MSFT) 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.

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.>

Select the service that is right for you!

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 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • 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