Shutdown No More!
Problems persist even with the government reopening
The Dow Jones Industrial Average, S&P 500 and Nasdaq 100 retreated from their all time highs this month, while still being up for the year. The three indices are up Year-To-Date 11.55%, 14.55% and 18.95% respectively.
The Dow 30 is valued at 47,457 points, down 106 points from the end of October.
The S&P 500 stands at 6,737 points, down 103 points from October 31st.
The tech-heavy Nasdaq 100 has fallen 865 points since the beginning of the month, standing now at 24,993 points.
Shutdown No More!
On Wednesday night, President Donald Trump signed into law a short-term funding bill passed by Congress earlier that day, funding the government through January.
The bipartisan deal, which passed with the support of a handful of Democratic Senators, does not include an extension of enhanced Obamacare tax credits that the Democrats in the Senate and the House of Representatives had previously demanded.
The agreement that was ultimately passed and signed into law has certain key points:
1. Brings back funding for food stamps.
2. Reverses shutdown-related layoffs.
3. Approves backpay for government employees.
Airline cancellations to continue after shutdown ends
On Tuesday, Secretary of Transportation Sean Duffy announced that airline restrictions won’t be automatically lifted after the government shutdown ends.
This week, aviation groups and lawmakers asked lawmakers not only to reopen the government, but also to provide more funding to the Department of Transportation to hire more air-traffic controllers and modernize air traffic control.
Airlines announced that, even with the government shutdown officially over, they will need time to adjust schedules and staffing. Travelers’ concerns mount as the Thanksgiving and Christmas travel season approaches, with millions of Americans expected to travel to celebrate the Holidays.
The Waiting is the Hardest Part
Investors continue to wait to see if the end of the government shutdown will bring back much awaited economic data that was not produced for the past couple of months.
“The shutdown of the Federal government has delayed nearly all Federal economic data releases for September and October,” reads a Goldman Sachs client letter from economists Elsie Peng and Ronnie Walker. “While the shutdown appears to be nearing its end, it will take time for the statistical agencies to work through the backlog of releases.”
It is expected that the Labor Department’s Bureau of Labor Statistics will publish a schedule with updated release dates sometime next week.
Can you end the game with a Checkmate?
It’s white’s turn to play! Can you find the one move that ends the game with checkmate? Let us know what the move is on our Instagram page @themarketdispatch or on X @TheMrktDispatch
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