{"id":66923,"date":"2023-09-29T15:17:10","date_gmt":"2023-09-29T19:17:10","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/u-s-stocks-are-rising-as-congress-races-to-avert-a-looming-government-shutdown\/"},"modified":"2023-09-29T15:17:12","modified_gmt":"2023-09-29T19:17:12","slug":"u-s-stocks-are-rising-as-congress-races-to-avert-a-looming-government-shutdown","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=66923","title":{"rendered":"U.S. stocks are rising as Congress races to avert a looming government shutdown"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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Investing.com – U.S. stocks are heading higher into the final days of the month and quarter, as a government shutdown looms.<\/p>\n

At 11:28 ET (15:28 GMT), the was up 120 points or 0.4%, while the was up 0.5% and the\u00a0 was up 0.5%.<\/p>\n

Indexes head lower for quarter<\/h2>\n

In a mixed session on Wall Street on Wednesday, the S&P inched marginally higher and the tech-heavy Nasdaq climbed by 0.2%, while the blue chip Dow was the laggard, dipping by 0.2%. With only one trading day left in September and the latest quarter, all of the main indices are on track to post monthly declines, while the S&P in particular is on course for its first three-month loss in a year.<\/p>\n

Weighing on sentiment has been a jump in the , which touched a level not seen since 2007 in the prior session. Yields typically rise as prices decrease.<\/p>\n

While the S&P 500 has still risen by 11% so far this year, much of these gains have been linked to a surge in technology stocks earlier in the year that was fueled by enthusiasm over artificial intelligence. While AI remains a hot topic, a hawkish Federal Reserve policy update last week has driven many traders to predict that borrowing costs will stay elevated for longer than previously anticipated.<\/p>\n

Still waiting on spending deal<\/h2>\n

One of the issues weighing on investors’ minds this week is a possible government shutdown if lawmakers in Washington can’t come to an agreement on a temporary spending deal to keep things funded past Saturday.<\/p>\n

House Speaker Kevin McCarthy has been critical of a bill put forward in the Senate that extends government funding into November, saying he wants provision for border security. The Senate passed its bill as a stopgap measure to keep things moving until lawmakers can hammer out a longer-term spending deal.\u00a0<\/p>\n

Congress has until midnight on Saturday, or a shutdown could start as soon as Sunday.<\/p>\n

Micron expands loss outlook<\/h2>\n

Shares in Micron (NASDAQ:) were down 2.8% after the U.S. chipmaker guided for a loss in its fiscal first quarter that was wider than analysts’ expectations.<\/p>\n

The Idaho-based company said it now plans to report an adjusted loss per share of $1.07 during the period, steeper than estimates of 95 cents a share, according to data cited by Reuters.<\/p>\n

However, Micron’s forecast of $4.40 billion in revenue — plus or minus $200 million — in its current quarter topped projections of $4.20 billion.<\/p>\n

Investors are hoping that soaring AI demand will boost sales of Micron’s high-bandwidth memory chips and help the group weather weakness in other end markets.<\/p>\n

Elsewhere, Peloton Interactive Inc <\/span><\/span> (NASDAQ:) stock rose 3.7% after it announced a deal with Lululemon Athletica <\/span><\/span> Inc (NASDAQ:) where the connected fitness company would provide its digital exercise content to Lulu customers, and Lulu would sell its apparel through Peloton. Lulu shares dipped 0.3%.<\/p>\n

Oil prices edge lower after surging on crude stockpiles drop<\/h2>\n

Oil prices inched down on Thursday, but remained near their highest in more than a year after a fall in stocks added to worries over a tightness in global supplies.<\/p>\n

Crude prices have jumped more than 30% over the past three months in response to production squeezes by Saudi Arabia and Russia, though the rally hit a bump last week on economic and demand concerns.<\/p>\n

But data on Wednesday from the U.S. government showing crude stockpiles falling by more than anticipated reinvigorated the run-up in oil.<\/p>\n

(Oliver Gray contributed to this item.)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Investing.com – U.S. stocks are heading higher into the final days of the month and quarter, as a government shutdown looms. At 11:28 ET (15:28 GMT), the was up 120 points or 0.4%, while the was up 0.5% and the\u00a0 was up 0.5%. Indexes head lower for quarter In a mixed session on […]<\/p>\n","protected":false},"author":1,"featured_media":23711,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-66923","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nU.S. stocks are rising as Congress races to avert a looming government shutdown | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. Investing.com - U.S. stocks are heading higher into the final days of the month and quarter, as a government shutdown looms. 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