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TradeTheNews.com US Market Update: Government Shutdown Day Three
US Market Update: Government Shutdown Day Three
Thu, 03 Oct 2013 11:14 AM EST
- (US) Sept Challenger Job Cuts: 40.3K v 50.4K prior; Y/Y: 19.1% v 56.5% prior
- (US) Oct RBC Consumer Outlook: 50.7 v 51.1 prior
- (US) Initial Jobless Claims: 308K v
315Ke; Continuing Claims: 2.925M v 2.81Me
- (MX) Mexico Sept Consumer Confidence: 94.1 v 96.4e
- (US) Sept ISM Non-Manufacturing Composite: 54.4 v 57.0e
- (US) Weekly EIA Natural Gas Inventories: +101 bcf v +93-97 bcf expected range
- More inaction in Washington, DC is keeping equities in the red this morning.
As of writing, the DJIA is down 0.82%, the S&P500 is down 0.81% and the
Nasdaq is down 0.79%.
- The Labor Department confirmed this morning that the September jobs report,
including the NFPs, would not be released this morning. This makes today's
jobless claims data even more impactful. The initial claims number ticked up very slightly but the four-week
average of new claims fell to 305K , the lowest level since May 2007.
- Nothing of substance emerged from the
meeting between President Obama and the House leadership yesterday evening
besides a hardening of positions. The president has offered to appoint a
committee to negotiate a deal after a "clean" CR bill passes
Congress, while Boehner continues to insist that negotiations need to begin
before passing any sort of CR bill. In any case, a contest over Obamacare is
rapidly morphing into a negotiation over the debt ceiling. This morning a US Treasury Official said that
not raising the debt limit and a default on US obligations could cause a
recession that would echo the events of 2008 or worse, calling
"prioritization of payments" an unworkable scheme.
- The first major storm of the hurricane season is forming in the Gulf of Mexico.
Tropical Storm Karen formed between
Cuba and the Yucatan Peninsula and a hurricane watch is in effect in certain
parts of the eastern Gulf coast area. After trading as low as $101.20
yesterday, testing the Iran-dtente lows, front-month WTI crude traded as high
as $104.20 this morning.
- Cult stock Angie's List is down 12% today after it cut prices for selected
new members in a continuing effort to reorient the business. The company said
the move was part of the ongoing process of shifting to an online marketplace
model whereby those looking for home services can pay Angie's List, who would
then pay the service provider. Analysts are not impressed.
- In earnings, Constellation Brands reported solid Q2 results and hiked its
FY14 earnings guidance. STZ is up about 1% on the day. Texas Industries is down
9% after widely missing earnings expectations.
- Struggling jeweler Zale registered for a big sale of common shares by
holders. The selling shareholder is offering 11M shares, about 33% of the
float. Shares of ZLC are down 11.5% this morning.
- Pershing Square's Bill Ackman is finally easing up on his big Herbalife
short, bowing to reality. In a letter to clients, Ackman said he had
"restructured" his short, cutting the equity position by over 40% and
replacing it with long-term derivatives.
- 13:00 (US) Fed's Lockhart in Atlanta
- 13:30 (US) Fed's Powell speaks on Banking in St. Louis
- 17:30 (US) Fed's Fisher in AR
- (JP) Bank of Japan (BOJ) Monetary Policy Statement
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