The Dow Jones Industrial Average (INDEXDJX:.DJI) is pointed higher in pre-market action, despite Washington's inability to avoid the first government closure in almost 17 years. "Markets closed sharply lower on Monday, on the clear assumption that Congress wouldn't reach a budget deal by midnight," said Schaeffer's Senior Options Strategist Tony Venosa, CMT. "Every major sector closed in the red, but there was a bright spot in solar; the Guggenheim Solar ETF (NYSEARCA:TAN) finished more than 3% higher." Going forward, he added, "Expect a lot of cross-currents this week, as Wall Street faces the reality of a government shutdown, upcoming earnings season, and the start of the fourth quarter."
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are 24 points above breakeven.
The Chicago Board Options Exchange (CBOE) saw 892,766 call contracts traded on Monday -- the fewest in a month -- compared to 680,664 put contracts. The resultant single-session put/call ratio jumped to 0.76, while the 21-day moving average edged higher to 0.58.
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Earnings and Economic Data
Slated for release are the ISM manufacturing index and Markit's purchasing managers manufacturing index (PMI), along with data on construction spending for August, and motor vehicle sales for September. Walgreen (WAG) and Global Payments (GPN) are due to report quarterly earnings.
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