Wall Street traders bracing for a wave of economic releases after the end of the US shutdown drove stocks lower and bond yields higher amid concern over whether the data will be enough to clear the path for a Federal Reserve rate cut.
With much of the optimism about the government reopening already priced in, the S&P 500 wiped out its November advance. Short-dated Treasuries, which are more sensitive to imminent Fed moves, underperformed as money markets project about even odds of a central bank reduction in December.
President Donald Trump signed legislation to end the longest government shutdown in US history, marking the official conclusion to a 43-day impasse that will allow the government to begin to resume normal operations. However it could still take days, or even weeks, for the federal bureaucracy to fully restart and dig out of the backlog after being closed since Oct. 1.
The Bureau of Labor Statistics is expected to publish a calendar in the coming days with updated release dates for delayed economic data.
The S&P 500 fell 0.5% as of 9:31 a.m. New York time
The Nasdaq 100 fell 0.7%
The Dow Jones Industrial Average fell 0.1%
Source : Bloomberg
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