“Stocks tumbled at the open Monday, as increasing worries over a government shutdown at the end of the day weighed on global markets,” JeeYeon Park reports for CNBC. “The Dow Jones Industrial Average declined sharply at the open. All 30 Dow components were lower, dragged by Goldman Sachs and Nike. The S&P 500 and the Nasdaq also opened lower. Most key S&P sectors were in the red, dragged by financials and energy.”
“The country is facing its first government shutdown in 17 years, with only a few hours left for the House to pass a stand-alone spending bill which will fund the government through to December 15. Budget spending must be agreed by Congress before Tuesday, to prevent a shutdown which could force federal employees to take unpaid leave,” Park reports. “Many government employees will be furloughed by the absence of a deal, and if the shutdown takes place the Labor Department will postpone issuing its closely-watched monthly employment report scheduled for Friday.”
Park reports, “Apple CEO Tim Cook is expected to meet with billionaire investor Carl Icahn, presumably to talk about the tech giant’s future stock buyback plans. Separately, Interbrand’s annual Global Brands report ranked Apple as the most valuable for the first time, displacing perennial number one Coca-Cola.”
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