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Markets unmoved as U.S. government shuts down

  • The U.S. government has begun its first partial shutdown in 17 years after a day of back-and-forth between the House and the Senate that resulted in Congress failing to pass a budget to fund the federal government.
  • On Monday afternoon and the later in the evening, the Senate rejected House measures that tied government funding to a one-year delay to provisions of Obamacare.
  • The House then called for a bipartisan committee with the Senate to try to forge an agreement, but Democrats rejected the overtures as too late.
  • U.S. and European stock futures don't seem to be too perturbed, with the Dow +0.2%, the S&P +0.3% and the Nasdaq +0.3%. The Dax is +0.1%, the CAC 40 +0.1% and the FTSE 100 +0.1%.
  • U.S. 10-year Treasury yields are +2bps to 2.64%.
  • Gold is +0.1% to $1328.70, while oil is -0.3% at $102.05.
  • In Asia-Pacific Japan +1%, India +0.4%, Australia +0.1%.
  • Index ETFs: IVV, SPY, VOO, RWL, SFLA, SSO, UPRO, SDS, SPXU, SH, EPS, RSP, BXUB, BXUC, BXDB, DIA, DDM, UDOW, DXD, SDOW, DOG, QQQ, QQEW, TQQQ, QID, SQQQ, PSQ, QLD, QQQE.
Comments (22)
  • justaminute
    , contributor
    Comments (581) | Send Message
     
    Keep it shut until the budget is balanced.
    1 Oct 2013, 12:55 AM Reply Like
  • Rope a Dope
    , contributor
    Comments (530) | Send Message
     
    Congress can’t even pass a budget let alone balance one.

     

    1 million Federal employees will be furloughed without pay, at least for the moment. Using simple math, that will save taxpayers roughly $100 million a day and allow us to pay off the National Debt in 170,000 years if they keep it shut down that long. (I had to do the math about 10 times as I initially did not believe that number of 170,000 to be correct).
    1 Oct 2013, 06:09 AM Reply Like
  • bbro
    , contributor
    Comments (9301) | Send Message
     
    http://nyti.ms/1fExDle

     

    Looks like Oklahoma,Kentucky and South Carolina get some of their federal money from New Jersey,New York and Massachusetts
    1 Oct 2013, 01:03 AM Reply Like
  • Mattster
    , contributor
    Comments (162) | Send Message
     
    Great politicians make deals. Obstruction is for the weak and impotent.
    1 Oct 2013, 01:32 AM Reply Like
  • fafatooey
    , contributor
    Comments (358) | Send Message
     
    Exactily Hitler's words in 1935
    1 Oct 2013, 03:18 AM Reply Like
  • Windsun33
    , contributor
    Comments (4253) | Send Message
     
    Looking back at all the "deals" made in the past 100 years, I am not so sure that you are correct.
    1 Oct 2013, 04:02 AM Reply Like
  • Hendershott
    , contributor
    Comments (1495) | Send Message
     
    "you can't always get what you want."
    2 Oct 2013, 04:28 PM Reply Like
  • bbro
    , contributor
    Comments (9301) | Send Message
     
    Why the GOP House is not afraid of Obama....

     

    "In '95-'96, the average Clinton '92 share in House GOP seats was 46.6%. Today, the average Obama '12 share in House GOP seats is 40.4%."
    1 Oct 2013, 02:57 AM Reply Like
  • fafatooey
    , contributor
    Comments (358) | Send Message
     
    To hell with you anti-American liberals. Time to make as stand. It's now or never.
    1 Oct 2013, 03:14 AM Reply Like
  • Windsun33
    , contributor
    Comments (4253) | Send Message
     
    All politicians are anti-American.
    1 Oct 2013, 04:00 AM Reply Like
  • mickmars
    , contributor
    Comments (1323) | Send Message
     
    The Dem/Repub system we have now is utterly corrupt.

     

    Republicans aren't "making a stand". They're just pretending to, so you'll vote for them again.
    2 Oct 2013, 09:14 AM Reply Like
  • Windsun33
    , contributor
    Comments (4253) | Send Message
     
    Despite the rants of Obama and many others, including some on the Right, a lot of people don't really care if the government shuts down for a while - in fact if it stays shut down for a few weeks and stops interfering, the economy might finally get the boost it needs to get moving.
    1 Oct 2013, 04:00 AM Reply Like
  • Regarded Solutions
    , contributor
    Comments (15422) | Send Message
     
    lets see, if the shutdown is long enough maybe obamacare could be funded for a few months. What a joke.

     

    The GOP tried to stop obamacare with the shutdown, and the DEMS have obamacare now but some of their pet projects are shut down.

     

    Sounds like compromise to me!
    1 Oct 2013, 05:25 AM Reply Like
  • go forit
    , contributor
    Comment (1) | Send Message
     
    It's about time someone takes a stand.
    1 Oct 2013, 08:33 AM Reply Like
  • mickmars
    , contributor
    Comments (1323) | Send Message
     
    Republicans caving in 3.... 2.... 1.....
    2 Oct 2013, 09:15 AM Reply Like
  • varan
    , contributor
    Comments (3497) | Send Message
     
    Little Tea Party Children throwing tantrums without any regard for what they break.
    1 Oct 2013, 09:36 AM Reply Like
  • Windsun33
    , contributor
    Comments (4253) | Send Message
     
    I thought the Occupy movement was supposed to end the Tea Party reign.. oh wait.. they kind of evaporated I guess. I do find it interesting that you think the Tea Party has that much power left when their demise has been imminent now for years.
    1 Oct 2013, 01:24 PM Reply Like
  • varan
    , contributor
    Comments (3497) | Send Message
     
    Throwing a tantrum to break the china is not a sign of power but of immense weakness and of frustration at not having the power. That's why spoiled little children do it all the time.
    1 Oct 2013, 01:36 PM Reply Like
  • Rope a Dope
    , contributor
    Comments (530) | Send Message
     
    Varan, the same could be said about a group of people who are unwilling to negotiate. Like it or not, we have a 2 party system and Republicans held the majority in the House during the last election, largely backed by people who do not want Obamacare. Obama believes we have a one party system; his, and he can ram anything he wants down our throats.

     

    Perhaps if they had allowed Republican input when this legislation was being crafted they might have received more than zero Republican votes for it, had less than 40 attempts to repeal it, and would not be faced with the current budget battle and looming debt ceiling battle than is almost certain to take place, all because of Obamacare. You’re simply witnessing Democracy (what’s left of it at least) in action. This is exactly what should be expected when you completely lock out the other party while crafting legislation.

     

    Republicans will no doubt bear most of the blame for shutting down the government but the impact of Obamacare remains to be seen and this could take several years to unfold. If Obamacare wreaks havoc on our economy as most Republicans and most economists believe it will, people will remember the fight Republicans waged against Obamacare. If Obamacare is successful, Democrats will rule the US for the next 100 years. This is a winner take all scenario for both parties and I don’t think there is any doubt someone is going to suffer a horrendous defeat over their stance on Obamacare. Democrats own Obamacare 100%.
    1 Oct 2013, 02:24 PM Reply Like
  • varan
    , contributor
    Comments (3497) | Send Message
     
    The results are not going to be that stark. History and time have a way of shading everything with gray, as otherwise Medicare and Social Security would have locked in the elder vote for the Democrats for a long time.

     

    I don't agree with your false equivalence here. No need to re-litigate the debate that is over, but the Republicans' only position was to not have Obamacare at all, and no compromise would have been possible with such a binary position. Further, most of the elements of the Obamacre are cribbed from the plans once supported by many in the GOP as in Romneycare and the old Heritage Foundation plan of the nineties.
    1 Oct 2013, 02:31 PM Reply Like
  • Windsun33
    , contributor
    Comments (4253) | Send Message
     
    Yet even decades later, both medicare and SS are still political footballs. Almost every election you will see Democrats someplace in some race claiming that their opponent wants to gut one or both.
    2 Oct 2013, 12:59 PM Reply Like
  • varan
    , contributor
    Comments (3497) | Send Message
     
    If the shoe fits and all that.
    2 Oct 2013, 01:09 PM Reply Like
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