Stock Futures Rise Despite Government Shutdown
NEW YORK ( TheStreet) -- Stock futures were pointing to a higher open on Wall Street Tuesday even after U.S. lawmakers failed to reach an emergency budget deal on time amid an impasse on the Patient Protection and Affordable Care Act.
It's the first government shutdown in 17 years. Investors, however, remained optimistic that the closure of nonessential services won't last long enough to cause a serious dent to the growth of the economy.
Futures for the S&P 500 were rising 7.5 points, or 7.2 points above fair value, to 1,681.75. Futures for the Dow Jones Industrial Average were gaining 55 points, or 52.33 points above fair value, to 15,101. Futures for the Nasdaq were up by 14 points, or 13.25 points above fair value, to 3,223.
Automakers such as General Motors
Economic data from the government are expected to experience disruption Tuesday because of the partial government shutdown. However, private data is still expected to be published at the originally scheduled time.
The Institute for Supply Management's manufacturing index is scheduled to be released at 10 a.m. EDT and is expected by economists to show a slip to 55 for September from 55.7 in August.
Originally scheduled to be out at the same were construction spending numbers for August from the Census Bureau.
Markit Economics is expected release its PMI manufacturing index at 8:58 a.m.
The FTSE 100 in London was down 0.19% and the DAX in Germany was climbing 0.64%. The Nikkei 225 in Japan settled up 0.2%. The mainland China and Hong Kong markets were closed for a national holiday.
The benchmark 10-year Treasury was down 12/32, bolstering the yield to 2.655%. The dollar was falling 0.18% to $80.08 according to the U.S. dollar index .