Wall Street faces losing week as government shutdown continues
With no end in sight to the government shutdown, Wall Street's major averages are looking at their first across-the-board losses since the final week of August. The Nasdaq had been higher for the past four weeks but is down 0.2 percent for this week ahead of the Friday session. Both the Dow and the S&P 500 are coming off their lowest closes in 3.5 weeks.
The September employment report is a casualty of the government shutdown. It was to have been released this morning at 8:30 a.m. ET, but has been put off until an as-yet undetermined date. Economists had been looking for non-farm payroll additions of 181,000 compared to 169,000 in August, with the unemployment rate remaining at 7.3 percent.
Minneapolis Fed President Naryana Kocherlakota wraps up a busy week for Fed speakers, as he gives a 1:45 p.m. ET address in Bloomington, Minnesota.
In addition to the lack of economic data, there are also no earnings reports on today's calendar.
Twitter is NOT a stock to watch, at least not yet, but with the public unveiling of its IPO filing late yesterday, it's possible it could begin to trade within a month. We don't yet know where Twitter will trade, but we do know that it will use the ticker symbol TWTR.
Adobe Systems (ADBE) is a stock to watch today, with the software producer saying hackers stole both software code and data about millions of customers. However, Adobe said it had no evidence of any attacks based on that theft.
Union Pacific (UNP) is forecasting third quarter profit of $2.45 to $2.48 per share, short of the $2.56 consensus estimate. The railroad operator points to the uncertain economy as well as mild weather that hurt coal volumes.
Potbelly (PBPB) begins trading today on Nasdaq after pricing its IPO at $14 per share, above the expected range of $12 to $13. The restaurant chain raised a total of $105 million with its share sale.
Microsoft (MSFT) CEO Steve Ballmer was awarded a $550,000 bonus for the latest fiscal year, an amount equal to 79 percent of the targeted amount. In making the award, the company's board pointed to diminishing Windows-related profits and tepid sales for the Surface tablet.
Forest Oil (FST) is selling assets located in the Texas Panhandle to privately held Templar Energy for $1 billion. The company will use the proceeds to pare down its debt.