HomeFinance NewsDow Jones Wavers as McCarthy Loss Raises Shutdown Chances; Tesla Deliveries Expected...

Dow Jones Wavers as McCarthy Loss Raises Shutdown Chances; Tesla Deliveries Expected within 13 words

Published on

The possibility of a government shutdown this weekend is causing uncertainty in the stock market, particularly for the Dow Jones. The House rejected a stopgap spending bill, making a deal less likely. A government shutdown would have significant implications, including the delay of key economic data and leaving millions of government workers without pay. In addition, Tesla is expected to report third-quarter production and delivery figures early Monday, which analysts have already lowered forecasts for. Other electric vehicle companies such as Nio, Li Auto, and XPeng will also be reporting sales figures. Despite a recent stock market rally attempt, the rebound has been lackluster and investors should be cautious about adding exposure until a follow-through day confirms a new uptrend.

A federal government shutdown is increasingly likely, with the House and Senate at odds on spending bills. The House rejected a funding bill pushed by Speaker Kevin McCarthy, and if a deal is not reached, up to 3.5 million government workers would go without pay. This would also result in the delay of key economic data, including the September jobs report. Although a short government shutdown would have little lasting economic or market impact, a lengthy one could be more significant. The uncertainty surrounding a possible shutdown is affecting the stock market, with gains from earlier in the week fading. Investors are awaiting a follow-through day to confirm a new uptrend.

Tesla and other electric vehicle companies are set to report important sales figures. Tesla deliveries are expected to fall from the previous quarter, causing analysts to lower their forecasts. Nio, Li Auto, and XPeng will also report sales figures, with Li Auto expected to have another record month. Despite the recent stock market rally attempt, the gains have been limited. The Dow Jones fell below its 200-day line and has yet to make significant progress in its rally attempt. Market breadth has been decent, but overall trend has been weak in recent weeks. Investors should exercise caution and consider running screens and preparing watchlists while remaining patient for clearer signals in the market.

Source link

Latest articles

Broadcom raises AI chip revenue forecast, announces stock split

Broadcom, a California-based chipmaker, has raised its annual revenue forecast for AI-related chips by...

Terraform Labs and Do Kwon settle SEC fraud case for $4.5 billion.

Terraform Labs and its former CEO Do Kwon have agreed to a historic $4.5...

Will iPhone users be charged for sending SMS messages through satellite?

In a groundbreaking move, Apple introduced satellite capabilities to the iPhone 14 models in...

White House Aide Declines to Comment on Biden Pardoning Hunter’s Sentence

President Biden's possible consideration of commuting his son Hunter Biden's sentence for federal felony...

More like this

Broadcom raises AI chip revenue forecast, announces stock split

Broadcom, a California-based chipmaker, has raised its annual revenue forecast for AI-related chips by...

Terraform Labs and Do Kwon settle SEC fraud case for $4.5 billion.

Terraform Labs and its former CEO Do Kwon have agreed to a historic $4.5...

Will iPhone users be charged for sending SMS messages through satellite?

In a groundbreaking move, Apple introduced satellite capabilities to the iPhone 14 models in...