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

Analyst Ivan Feinseth Predicts Nvidia Stock to Reach $820

Nvidia (NASDAQ:NVDA) has been unstoppable in the market, driving an AI-themed rally and consistently...

Three games exiting Xbox Game Pass in early March 2024.

Microsoft has announced that three games will be leaving Xbox Game Pass in early...

‘Rust’ armorer accused of mishandling guns and facing emotional testimony in trial.

The first week of Hannah Gutierrez-Reed’s criminal trial focused on the eyewitness accounts of...

Shiba Inu (SHIB) Price Smashes Long-Term Resistance: What’s Next?

After 560 days of being stuck under a descending resistance trend line, the Shiba...

More like this

Analyst Ivan Feinseth Predicts Nvidia Stock to Reach $820

Nvidia (NASDAQ:NVDA) has been unstoppable in the market, driving an AI-themed rally and consistently...

Three games exiting Xbox Game Pass in early March 2024.

Microsoft has announced that three games will be leaving Xbox Game Pass in early...

‘Rust’ armorer accused of mishandling guns and facing emotional testimony in trial.

The first week of Hannah Gutierrez-Reed’s criminal trial focused on the eyewitness accounts of...