Friday, 22 June, 2018

Stocks Up, As Shutdown Vote Looms; Halliburton Breaks Out

U.S. Capitol is seen shortly after beginning of the Government shutdown in Washington U.S Stocks Up, As Shutdown Vote Looms; Halliburton Breaks Out
Nellie Chapman | 23 January, 2018, 12:06

Wall Street, which has been resilient to the threat of a shutdown, rose on Friday, with the S&P 500 and Nasdaq notching record closing highs.

The U.S. Senate's voting on the federal government shutdown was expected to begin at noon ET.

"What you're seeing is the belief that they will ultimately, whether it's today or in the next few days, come to some kind of a bipartisan agreement on the budget, and the market is reflecting its confidence", said Ryan Larson, head of US equity trading at RBC Global Asset Management in Chicago.

Dow Jones industrial average futures declined 32 points and briefly fell as much as 101 points.

Dow e-minis 1YMcv1 were down 51 points, or 0.2 percent, with 3,972 contracts changing hands. The stock fell below $16 for the first time since 2011, extending a losing streak from last week.

Stock investors gave a muted reaction to the second day of a USA government shutdown on Sunday, with US stock index futures dipping only slightly on expectations that the political impasse will not hurt the US economy. The Nasdaq Composite Index was unchanged at 7,336.

Juno Therapeutics (JUNO) is leading the biotech sector higher after the company agreed to be acquired by Celgene (CELG) for approximately USD9 billion in cash. Validus surged 45 percent.

NASDAQ measures a number of indices reflecting the reaction of USA's high tech markets and business environments on the country's political and economic developments which have an impact on high tech markets.

Halliburton reported this morning that earnings in the fourth quarter grew to 53 cents a share vs. the year-ago profit of 4 cents a share.

Shares of Netflix Inc, a major contributor to the recent stock rally, were up about almost 3 percent ahead of its quarterly results after market closes.