Dow, S&P 500 Futures Lower as Investors Eye Government Shutdown

With a government shutdown on the horizon, Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) futures are red this morning, while the Nasdaq-100 Index (NDX) is flat. A meeting between President Donald Trump with top Democrats and Republicans on Monday yielded no compromises.  

Should government operations stop, the Labor Department said it will reschedule the release of nonfarm payrolls data or September, which is due out on Friday. Traders are also weighing labor market concerns, higher stock valuations, and stagflation risks, but all three major benchmarks remain on track for monthly gains.

• Senior V.P. of Research Todd Salamone on SPX moves and rising short interest.
• This semiconductor stock could stage a short-term breakout.
• Plus, two analyst upgrades to unpack, and United Natural Foods' upbeat quarter.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw over 2.1 million call contracts and more than 1.1 million put contracts exchanged on Monday. The single-session equity put/call ratio rose to 0.52, while the 21-day moving average remained at 0.58.
2. The shares of Freeport-McMoRan Inc (NYSE:FCX) are up 2% before the open, after an upgrade at Bank of America to "buy" from "neutral." FCX is down 27.7% over the last 12 months.
3. Morgan Stanley earlier upgraded Celsius Holdings Inc (NASDAQ:CELH) stock to "overweight" from "equal weight" and hiked its price target to $70 from $61. The energy beverage stock is looking to extend a 116% year-to-date lead, up 4.6% in premarket trading.
4. United Natural Foods Inc (NYSE:UNFI) reported smaller-than-expected losses for the fiscal fourth quarter, as well as a revenue beat. The equity is up 9.4% ahead of the bell, and sports an 89.8% lead over the last 12 months.
5. Consumer confidence, manufacturing, and services data coming this week.

Asian, European Stocks Struggle for Direction

Asian markets closed on both sides of the aisle today, as investors eyed manufacturing data out of China. The country’s manufacturing purchasing managers’ index (PMI) came in at 49.8 in September, its sixth-straight month in contraction territory, though above estimates of 49.6. China’s Shanghai Composite finished the day up 0.5%, while Hong Kong’s Hang Seng rose 0.9%. Elsewhere, the South Korean Kospi dipped 0.2%, and Japan’s Nikkei finished the day 0.3% lower.

European markets are also struggling for direction, eyeing the tariff landscape stateside. The French CAC 40 is the only benchmark in the red at this point, down 0.3% at last glance, while London’s FTSE 100 and the German DAX are both off by 0.2%.