Equity futures drop after weekend without move on U.S. finances

Mon Oct 7, 2013 4:07am IST

Traders work on the floor of the New York Stock Exchange, October 1, 2013. REUTERS/Brendan McDermid

Traders work on the floor of the New York Stock Exchange, October 1, 2013.

Credit: Reuters/Brendan McDermid

(Reuters) - US S&P 500 E-mini futures dropped Sunday evening, suggesting a weak open for U.S. stocks on Monday, after a weekend where little progress was seen in either resolving the budget dispute or raising the debt ceiling.

S&P E-mini futures dropped 8.75 points, or 0.5 percent, to 1684 in electronic trading Sunday, suggesting a drop at the open on Monday morning, though futures pared losses after an initial decline when trading opened at 6 p.m. (2200 GMT).

Republican House Speaker John Boehner, speaking on ABC's "This Week," said on Sunday that he would not raise the U.S. debt ceiling without a "serious conversation" about what is driving the debt, a stance Democrats called reckless. Treasury Secretary Jack Lew said it was irresponsible and reckless to raise the possibility of a U.S. default.

U.S. equity markets have been under pressure of late, and volatility has risen, as the October 17 deadline to raise the federal borrowing limit gets closer. The S&P 500 is down 2.2 percent from an all-time high reached in mid-September.

(Reporting by David Gaffen; Editing by Eric Walsh)

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