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Equity futures drop after weekend without move on U.S. finances
October 6, 2013 / 10:41 PM / in 4 years

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

(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.

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

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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