Senate republicans block a government funding bill

Your Daily Rundown

The Dow Jones Industrial Average fell 569.38 points, or 1.63%, to 34,299.99; the S&P 500 lost 90.48 points, or 2.04%, at 4,352.63; and the Nasdaq Composite dropped 423.29 points, or 2.83%, to 14,546.68.

 

All three major U.S. stock indexes slid nearly 2% or more, with interest rate sensitive tech and tech-adjacent stocks weighing heaviest as investors lost their risk appetite.

 

Microsoft Corp, Apple Inc, Amazon.com Inc and Alphabet Inc weighed heaviest on the S&P and Nasdaq, falling between 2.4% and 3.6%.

 

Communications services shed 2.8%, the sector’s biggest one-day percentage decline since January. The S&P growth index closed at its lowest since July and posted its biggest one-day percentage drop since February.

 

Ford shares were the standout pre-market gainer, rising 1.7% to $14.40 each after the carmaker unveiled plans to build four new U.S.-based manufacturing plants as it accelerates its transition into clean-energy vehicles.

 

Huntsman Corp shares were also impressive, rising 7% to $30.03 each following news that activist investor Starboard Value have built an 8.4% stake, valued at more than $500 million, in the chemicals producer.

 

Pfizer was marked 1.6% lower after it submitted data from a late stage trial of its coronavirus vaccine on kids between the age of 5 and 11 to the U.S. Food & Drug Administration. 

 

Tesla bucked the downmarket trend in tech, rising 0.15% after Piper Sandler analysts said the clean-energy carmaker’s third quarter deliveries will be “the strongest ever”, but gave back those gains to trade 1.3% lower on the session at $781.05 

 

Treasury bond yields surged, taking benchmark 10-year Treasury notes to a January 17 peak of 1.551% in early New York trading.

Yesterday’s Market Scorecard

NASDAQ (COMP) 13,818.41

S&P 500 (SPX) 4,352.63

-2.83%

-2.04%

Dow Jones (DJIA) 34,299.99

Russell 2000 (RUT) 2,229.78

-1.63%

-2.25%

The News Desk

 

 

 

Senate Republicans Block A Government Funding Bill

 

The federal government is on the brink of a partial shutdown after Senate Republicans blocked debate on legislation that would have simultaneously funded the government and suspended the nation’s borrowing limit.

 

The bill, which needed 60 votes to proceed, failed 48-50, as Republicans followed through on a threat to block the spending measure over objections to an unrelated spending package currently being negotiated by Democrats.

 

You have been blocked! 

 

 

 

Pfizer Seeking to Use Vaccine for Children 5 to 11

Pfizer-BioNTech submitted data to the Food and Drug Administration to clear its vaccine for use in children ages 5 to 11, officials announced Tuesday.

 

The FDA is expected to take at least several weeks to analyze data collected in a trial that included more than 2,000 children before it would grant emergency use authorization.

 

Vaccinated, just in time to go trick or treating?

 

 

 

 

Afghanistan’s Financial System Is About To Collapse

Afghanistan’s banking system is close to collapsing, the head of one of the country’s biggest lenders has said.

 

Context: The US last month froze nearly $9.5 billion in assets that belong to Afghanistan’s central bank. Most of that money is held by the Federal Reserve Bank of New York.

 

The World Bank also announced it was pausing funding to projects in the country.

 

The Taliban may have to use crypto now that all the dollars are frozen

Upcoming Events on the Economic Calendar

And now a brief and well-organized look at the trading week ahead:

 

Wednesday, September 29th: EIA Petroleum Status Report (10:30 AM ET)

Thursday, September 30th: Gross Domestic Product Annualized(Q2) (8:30 AM ET)

Thursday, September 30th: Jobless Claims (8:30 AM ET)

Friday, October 1st: Personal Income and Outlays (8:30 AM ET)

 

Friday, October 1st: ISM Manufacturing PMI(Sep) (10:00 AM ET)

Earnings Calendar

Trading Quote of The Day

“Markets can remain irrational longer than you can remain solvent.” – John Maynard Keynes

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Your Daily Rundown The Dow Jones Industrial Average rose 0.92% to end at 34,314.67 points, while the S&P 500 gained 1.05% to 4,345.73. The Nasdaq

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