Investors focus on budget battle as new week begins

Wall Street is coming off a winning week with a losing finish, with the Dow suffering its worst one-day loss since August 15 on Friday, and the S&P posting its biggest single-day decline since August 27. With the Fed's non-taper now in the rear view mirror, investors will be focusing on a looming government shutdown with just one week before the deadline for a new funding bill.

There are no economic reports of note due today, but the Street will be taking note of three speeches from Federal Reserve officials. Atlanta Fed President Dennis Lockhart and New York Fed President William Dudley will speak at separate New York events this morning, while Dallas Fed President Richard Fisher has a midday speaking engagement in San Antonio, Texas.

The earnings calendar is extremely light, with Red Hat (RHT) one of the few companies scheduled to report. The software company will be out with its quarterly numbers after today's closing bell.

BlackBerry (BBRY) will be among our stocks to watch, following its plunge Friday on a warning of a sizable quarterly loss when it reports its numbers this week.

J.C. Penney (JCP) is seeking ways of raising more money, according to CNBC's Kate Kelly. The retailer has met with banks in recent weeks about possible fundraising options.

Visa (V), Nike (NKE), and Goldman Sachs (GS) join the Dow Jones Industrial Average today, replacing Alcoa (AA), Bank of America (BAC), and Hewlett-Packard (HPQ).

News Corp. (NWSA) reported a fiscal year profit in its first report after its separation from the unit now known as 21st Century Fox (FOX). The quarterly numbers are somewhat on the murky side: News Corp. reported a loss of 16 cents per share for its fourth quarter and revenues of $2.13 billion, but it's unclear how that compares to estimates.

Microsoft (MSFT) is expected to unveil a new model of its "Surface" tablet today at a New York event. The "Surface" first went on sale nearly a year ago, to mixed reviews.

Citigroup (C) saw a significant drop in trading revenue during the third quarter, according to the Financial Times. The paper cites people familiar with conversations between investors and Citi.

BB&T (BBT) lost a $772 million tax dispute with the Internal Revenue Service. A judge ruled that a transaction was an "economically meaningless tax shelter". The bank said it is evaluating its legal options.

Apple's (AAPL) new iPhone models are less durable than Motorola's Moto X, according to warranty provider SquareTrade. The iPhone 5C and iPhone 5S did, however, finish ahead of Samsung's Galaxy S4.