Salem Radio Network News Tuesday, October 3, 2023


Futures dip ahead of debt ceiling deal vote

(Reuters) – U.S. stock index futures dipped on Wednesday as a deal to raise the nation’s debt ceiling headed in for a pivotal vote by lawmakers, while shares of Hewlett Packard Enterprise slipped after it missed quarterly revenue targets.

A bill to lift the $31.4 trillion U.S. debt ceiling and achieve new federal spending cuts made its way to the House of Representatives for debate on Tuesday and an expected vote on passage is due later in the day.

House passage would send the bill to the Senate, where debate could stretch to the weekend, as a June 5 deadline loomed.

The debt ceiling debate has been an overhang for financial markets, but the S&P 500 and the Nasdaq indexes were still set for monthly gains in May.

Investors now await the Labor Department’s closely watched jobs report for May, due on Friday, which could show how resilient the economy has been in a high interest rates and inflation environment.

At 5:39 a.m. ET, Dow e-minis were down 42 points, or 0.13%, S&P 500 e-minis were down 7.5 points, or 0.18%, and Nasdaq 100 e-minis were down 24.5 points, or 0.17%.

Among early movers, shares of Hewlett Packard Enterprise Co slipped 7.8% in premarket trading as it missed Wall Street estimates for second-quarter revenue on Tuesday.

HP Inc dropped 4.7% as it also missed quarterly revenue estimates, as inflation-hit customers spent less on the company’s personal computers.

Nvidia Corp shares fell 1.4% a day after it hit a record high and briefly joined an elite club of U.S. companies sporting a $1 trillion market value.

(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Maju Samuel)


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