There’s no jobs data today – legitimate or otherwise. So, investors and Fed watchers are left to reflct on the trend that was already arguing against the US economy being the “envy of the world.”
Futures are flat ahead of the open.
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While the parties retreat to their corners and refine their talking points, markets got off to a very strong start in Q4. At some point, someone will pay a political price for shutting down the government. But, both parties are betting they’ll prevail. And, for now, the algos are making hay.
Indices are happy to focus on AI and semis. And, past shutdowns have been non-events from an investment standpoint. Our analysis of shutdowns over the past 25 years:
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The federal government shut down last night, furloughing hundreds of thousands of employees and shuttering hundreds of programs and services.
Futures were off sharply overnight but have since recovered much of their losses.
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