(As of 7:13 am PST)
Today’s open is similar to yesterdays with stocks trading
modestly lower. Investors remain cautiously
optimistic about reaching a deal to fund the government and avoid a default
this week. Senate leaders Harry Reid and Mitch McConnell
both made positive statements about reaching a deal yesterday that lifted
stocks in the afternoon. There’s still a
lot of progress that needs to be made, but we’re in the red zone of a budget
agreement it seems. In other news today,
the Empire State index, which measures manufacturing activity in the New York
region, improved in October but by its slowest pace in 5 months. Earnings have been mixed so far today with
some big names reporting. Citigroup
missed estimates, while Johnson and Johnson beat and Coca-Cola met expectations. Yahoo is set to report after the bell today. Expect markets to become more earnings driven
after we get through this budget impasse.
Until then, all eyes remain locked on congress over the next 48 hours.
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