Investors on edge as debt limit battle returns to Senate
The Dow and S&P 500 are coming off their first losses in five sessions, as House Republicans fail to win support for their own version of a bill to raise the debt limit and end the government shutdown. The negotiations now return to the Senate, where leaders are working on coming up with a final version of their bill.
While the vast majority of the Street's attention will be focused on Washington today, they'll also be paying attention to the Fed's latest Beige Book, the region-by-region assessment of the nation's economy. The Beige Book is scheduled for release at 2 p.m. ET.
The National Association of Home Builders will be out with its monthly sentiment index at 10 a.m. ET, with consensus forecasts calling for an October reading of 57, down slightly from September's 58. And the Mortgage Bankers Association will issue its weekly look at mortgage applications at 7 a.m. ET.
The ongoing government shutdown means two reports scheduled for today will not happen: the September Consumer Price Index, which had been scheduled for 8:30 a.m. ET, and the Energy Department's weekly report on oil and gasoline inventories, normally out at 10:30 a.m. ET on Wednesdays.
It's a busy day for earnings, with Bank of America (BAC), Abbott Labs (ABT), BlackRock (BLK), Mattel (MAT), PepsiCo (PEP), and Stanley Black & Decker (SWK) among the companies set to issue quarterly numbers this morning. Dow components American Express (AXP) and IBM, as well as eBay (EBAY) will issue quarterly numbers after today's closing bell.
CNBC's Squawk Box will have Berkshire Hathaway's Warren Buffett live for three hours this morning between 6 a.m. and 9 a.m.
Intel (INTC) is a stock to watch this morning, as the chipmaker reports third quarter profit of 58 cents per share, five cents above estimates. Intel's current quarter outlook is below Street consensus, but CFO Stacy Smith did say that the market for personal computers may be close to bottoming out.
Apple (AAPL) will cut orders for its iPhone 5c for the final three months of the year, according to a Reuters report.
Yahoo (YHOO) earned 34 cents per share for the third quarter, excluding certain items, one cent above estimates, although its fourth quarter outlook fell below consensus. Yahoo also unveiled plans to sell a smaller stake in Chinese e-commerce company Alibaba than originally planned.
CSX (CSX) reported third quarter profit of 46 cents per share, beating estimates by three cents. The railroad operator's revenue also beat forecasts, and CSX said full-year earnings would be slightly higher than a year earlier.
Wet Seal (WTSL) cut its current quarter outlook, due to weaker mall traffic. The women's apparel retailer does expect improved results compared to a year earlier.
JPMorgan Chase (JPM) reached a settlement with the CFTC that will likely be announced today, according to CNBC's Kate Kelly. The settlement of London Whale case charges is expected to see the bank pay $100 million.
General Electric (GE) is expecting a $1.67 billion market capitalization for its Swiss consumer financing unit, GE Money Bank, when it goes public in Switzerland during the fourth quarter.
Advance Auto Parts (AAP) will buy privately held General Parts International for a little more than $2 billion, according to the Wall Street Journal.
Omnicom's (OMC) upcoming merger partner, Publicis, is keeping its target for improved full-year sales growth, despite weakness in emerging markets that has impacted its results.