{"id":22645,"date":"2023-09-27T15:43:13","date_gmt":"2023-09-27T15:43:13","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/u-s-stocks-turn-lower-on-fears-about-inflation-and-a-looming-government-shutdown\/"},"modified":"2023-09-27T15:43:14","modified_gmt":"2023-09-27T15:43:14","slug":"u-s-stocks-turn-lower-on-fears-about-inflation-and-a-looming-government-shutdown","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=22645","title":{"rendered":"U.S. stocks turn lower on fears about inflation and a looming government shutdown"},"content":{"rendered":"
\n
\n

\u00a9 Reuters <\/span>
\n<\/i>\n<\/div>\n

Investing.com — U.S. stocks reversed earlier gains and turned lower on fears about inflation and the possibility of a government shutdown.<\/p>\n

At 11:22 ET (15:22 GMT), the was down 72 points or 0.2%, while the was down 0.1% and the was up 0.1%.<\/p>\n

The main indices on Wall Street closed sharply lower on Tuesday, with the 30-stock in particular slumping to its worst day since March, falling almost 400 points, or 1.1%. The broad-based dropped 1.5% and the tech-heavy fell 1.6%.\u00a0\u00a0<\/p>\n

New data showing that fell to a four-month low in September due to elevated prices and recession fears weighed on sentiment, particularly after the last week signaled another rate hike was in the cards.<\/p>\n

Treasury yields eased back. The 10-year Treasury, which reached a high not seen since 2007 on Tuesday, fell to 4.521%.<\/p>\n

for August rose 0.2%. They were expected to have declined 0.5% on the month compared with the 5.2% fall the previous month.<\/p>\n

Government shutdown draws nearer<\/strong><\/h2>\n

Investors have also been casting wary eyes at Washington as Congress has until late Saturday to agree on at least a temporary funding extension to keep the government running.<\/p>\n

The Senate has voted to begin debate on a bill that would secure short-term funding for the government, although the legislation likely faces heavy opposition in the Republican-controlled House of Representatives.<\/p>\n

The Senate’s bill would keep the government funded until Nov. 17 and include billions of dollars in aid for Ukraine and domestic disaster relief.<\/p>\n

At the same time, the House proceeded with its own plans for a series of conservative-backed spending bills that would be unlikely to receive much support in the Democratic-majority Senate. \u00a0<\/p>\n

Moody\u2019s warned earlier this week that a federal government shutdown would harm the country’s credit, potentially prompting the rating agency to downgrade the U.S.\u2019s last remaining triple \u2018A\u2019 rating.<\/p>\n

Costco slips after quarterly results<\/strong><\/h2>\n

In corporate news, earnings are due from investment bank Jefferies Financial Group (NYSE:), semiconductor maker Micron Technology (NASDAQ:) and payroll and benefits platform Paychex (NASDAQ:).<\/p>\n

Costco (NASDAQ:) will also be in the spotlight, with the membership club’s shares rising 1.6% after it reported better-than-anticipated quarterly profit and revenue.<\/p>\n

Crude rebounds from losing week<\/strong>\u00a0<\/h2>\n

Oil prices rose Wednesday as markets focused on supply tightness following the release of the latest U.S. inventories data heading into winter.<\/p>\n

Industry data from the released on Tuesday showed oil stockpiles rose last week by about 1.6 million barrels, against expectations for a small drop.<\/p>\n

However, worries remained around low crude stockpile levels at a major storage hub in Oklahoma, which have added to concerns over supply tightness linked to extended output cuts by Saudi Arabia and Russia.<\/p>\n

The official inventory data, from the , is due later on Wednesday.<\/p>\n

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

\u00a0<\/p>\n<\/div>\n

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

\u00a9 Reuters Investing.com — U.S. stocks reversed earlier gains and turned lower on fears about inflation and the possibility of a government shutdown. At 11:22 ET (15:22 GMT), the was down 72 points or 0.2%, while the was down 0.1% and the was up 0.1%. The main indices on Wall Street closed sharply lower on<\/p>\n","protected":false},"author":1,"featured_media":14854,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-22645","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nU.S. stocks turn lower on fears about inflation and a looming government shutdown | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters Investing.com -- U.S. stocks reversed earlier gains and turned lower on fears about inflation and the possibility of a government shutdown. 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