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UPDATE 1-US STOCKS-Equity futures drop after weekend of little progress on U.S. finances
October 7, 2013 / 8:51 AM / in 4 years

UPDATE 1-US STOCKS-Equity futures drop after weekend of little progress on U.S. finances

By David Gaffen

Oct 7 (Reuters) - US S&P 500 E-mini futures fell 1 percent early Monday morning, suggesting a weak open for U.S. stocks later in the day after a weekend where little progress was made on resolving the budget standoff or raising the debt ceiling.

S&P E-mini futures dropped 18 points, or 1.07 percent, to 1666.75 in electronic trading early on Monday, suggesting a drop at the open on Monday morning, falling further after an initial decline when trading opened at 6 p.m. (2200 GMT).

Republican House Speaker John Boehner told ABC’s “This Week” on Sunday that he would not raise the 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 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 Oct. 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.

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