US stocks fell as the government shutdown entered its second day and ADP data showed US private employers added fewer jobs than expected, 166,000 jobs versus estimate of 180,000. The ADP report will likely be the only payrolls report markets get this week if the government remains shutdown (i.e. no non-farm payrolls released this Friday). The reality of the government shutdown has depressed markets and raised concerns about the possibility of a US debt default due to political gridlock. At the closing bell, the Dow Jones Industrial Average fell 0.41%, the S&P500 slipped 0.09% while the Nasdaq gave up 0.08%. Lloyd Blankfein, CEO and Chairman of Goldman Sachs, has commented on Bloomberg that the impacts of a debt default would be magnitudes worse and should not even be considered a viable option.
Livewire News brings you a wide range of financial insights with a focus on Global Macro, Fixed Income, Currencies and Commodities.
No areas of expertise