Thursday Morning Cheat Sheet: 3 Stories Moving Markets
It’s Thursday, October 17, and the world can breathe a little easier. After more than two weeks of brinkmanship that pushed the U.S. government through a partial shutdown and to the doorstep of its borrowing limit, both houses of Congress voted on Wednesday night to pass a stopgap measure to fund the government through January 15 and suspend the debt limit through February 7.
The measure passed the Senate 81-18, cleared the House 285-144, and was signed promptly by President Barack Obama. The deal closes the curtain on the most recent act in the ongoing political drama in Washington, but the stage is by no means clear. The U.S. fiscal house is still not repaired — just patched — and pundits, politicians, and the public will get just a brief intermission to conduct whatever other business they can before the next act begins, shortly after the holiday season.
But in the meantime, financial markets marched on. Major U.S. equity indexes rallied on Wednesday as the stopgap measure took shape in the Senate but did not continue the rally in premarket trading after the deal was completed. At 8:35 a.m., Dow futures were off 0.31 percent, S&P 500 futures were off 0.18 percent, and Nasdaq futures were off 0.04 percent.