Stock Futures Slip as Debt-Deal Excitement Fades
NEW YORK (TheStreet) -- Stock futures were retreating Thursday after the build-up in expectations of a last-minute congressional fiscal deal gave way to the deflating reality that this was only temporary solution and that the brinkmanship in Washington may be headed for a repeat in a few months.
Investors also were weighing the impact that the the fiscal deadlock had on U.S. economy while turning their attention to the third-quarter earnings season, which was showing mixed results Thursday.
Futures for the S&P 500 were slipping 2.75 points, or 5.24 points below fair value, to 1,710.5. Futures for the Dow Jones Industrial Average were slumping 62 points, or 116.83 points below fair value, to 15,187. Futures for the Nasdaq were dipping 1.5 points, or 11.07 points below fair value, to 3,262.5.
The House of Representatives Wednesday night passed a bill to fund the government and raise the nation's borrowing limit by a vote of 285 to 144. Republicans and Democrats upheld a bill negotiated by Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell after a nearly-three week shutdown of a vast array of government offices and services. The deal, like a litany of others, was secured shortly before the United States would have been largely unable to pay its debts.
Verizon (VZ) was increasing by 2.43% to $48.40 reporting strong third-quarter earnings Thursday of 77 cents a share on revenue of $30.3 billion. The big takeaway, as usual, was the number of Apple AAPL iPhones activated during the quarter, and it was a lot.
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