The S&P 500 (INDEXSP:.INX)
was down for the sixth time in the past seven sessions as the US Senate voted to approve a spending bill to avoid a government shutdown, an outcome which was largely expected by market participants. However, since the aforementioned bill must stil be approved by Congress, there is still tension in the air.
Prior to this losing run, the market had been up for four days in a row, marking an all-time high of 1729.86 on September 18, implying that the recent decline may be routine profit-taking after a big run higher.
In terms of the trading action, it was a risk-off day, with strength in US Treasuries, and notable underperformance in homebuilding stocks and emerging markets, both of which were down more than 1%.
Additionally, market leader Apple (NASDAQ:AAPL) continued to slide, and the stock is now down nearly 4% from its Monday morning high of $499, which it hit due to its bullish iPhone sales news.
Elsewhere in the market, embattled retailer JC Penney
(NYSE:JCP) fell 13% to $9.05 after the company announced a public offering of 84 million shares at $9.65 per share.
And shares of smartphone maker BlackBerry
(NASDAQ:BBRY) rose slightly after the company announced second-quarter results that were in-line with the company's pre-announcement one week ago.
The star of the day, however, was footwear maker Nike
(NYSE:NKE), which surged 4..7% to $73.64, courtesy of an impressive earnings report.
Tomorrow's Financial Outlook
At 9:00 a.m. ET, the September ISM Milwaukee report will be issued. Last month's reading was 48.21.
At 9:45 a.m. ET
, September Chicago PMI will be released. The consensus forecast is for a reading of 54.0, up from 53.0 last month.
On the international front, the China HSBC/Markit Manufacturing PMI will be reported; it will likely be closely watched by those looking for a rebound in Chinese economic activity.
There are no major earnings reports scheduled for Monday
No positions in stocks mentioned.
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