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Wall Street’s bets that the largest shutdown in US history is soon coming to an end drove a rebound in stocks, spurring optimism that access to official economic data will shed light on the Federal Reserve outlook.
The S&P 500 erased losses, with about 345 shares gaining. The Dow Jones Industrial Average climbed 1.2%. FedEx Corp. — a barometer of the economy — jumped over 5% as it expects profit this quarter to improve from a year ago. Nvidia Corp. sank 3% as SoftBank Group Corp. sold its entire stake in the chipmaker for $5.83 billion to help bankroll artificial-intelligence investments.
With the bond market closed for Veterans Day, Treasury futures rose after ADP Research data suggested the labor market slowed in the second half of last month. Traders have relied on private numbers as the government closure has delayed the release of official statistics.
A record-setting US shutdown is on a path to end as soon as Wednesday after the Senate passed a temporary funding measure. Reopening the government now depends on the House, which plans to return to Washington to consider the spending package. It would keep most of the government open through Jan. 30 and some agencies through Sept. 30. If approved, the bill goes to President Donald Trump, who has already endorsed the legislation.
Today's show features:
- Eddie Ghabour, Co-Founder and CEO of Key Advisors Wealth Management, on the post-government-shutdown market landscape
- Neil Dutta, Head of Economics at Renaissance Macro Research, on the US economic and monetary policy outlook
- Bloomberg Businessweek National Correspondent Josh Green on the political blowback as Congress moves closer to officially ending the US government shutdown
- Bloomberg Intelligence Senior Media Analyst Geetha Ranganathan on Paramount Skydance shares jumping after the company raised its target for job cuts and cost-saving measures
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