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)

Reuters Showcase

Adani Restructuring

Adani Restructuring

Adani says to restructure business  Full Article 

Bank of Baroda

Bank of Baroda

Q3 net profit down 69 pct on higher provisions  Full Article 

Trading Fees

Trading Fees

BSE slashes fees in FX derivatives battle with NSE  Full Article 

SpiceJet Turnaround

SpiceJet Turnaround

SpiceJet board approves up to $243 mln share sale plan  Full Article 

Currency Market

Currency Market

RBI urges companies to hedge FX exposure  Full Article 

Uber's Woes

Uber's Woes

Delhi Uber passenger who alleges driver rape sues in U.S.  Full Article 

Banking Sector

Banking Sector

Banks say no room to cut lending rates, thwarting RBI easing  Full Article 

ICICI Results

ICICI Results

ICICI sets quarterly record profit as Q3 net rises 14 pct  Full Article 

Reuters Poll

Reuters Poll

RBI seen holding rates steady on Tuesday, minority of analysts expect cut  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage