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 Hotels.com unit as well as execution issues.