Investing.com - U.S. stocks opened lower on Monday, as ongoing concerns over the U.S. government shutdown and a possible sovereign default weighed on investor confidence.
During early U.S. trade, the Dow Jones Industrial Average slid 0.55%, the S&P 500 index declined 0.53%, while the Nasdaq Composite index shed 0.38%.
Negotiations between the White House and House Republicans broke down over the weekend, after President Barack Obama rejected Republican proposals for a short-term debt ceiling increase.
If a deal to raise the government borrowing limit is not struck ahead of Thursday’s deadline, the U.S. will face an unprecedented sovereign debt default.
World finance ministers and central bank heads in Washington for the annual meeting of the International Monetary Fund and World Bank over the weekend called for “urgent action” to break the deadlock, warning of the negative impact on the global economic recovery.
In the auto sector, General Motors declined 0.88% following a report that France's PSA Peugeot Citroen plans to sell EUR3 billion. General Motors owns a 7% stake in Peugeot.
Adding to losses, Facebook tumbled 1.36% after the social-networking giant said it would acquire start-up app-maker Onavo. Financial terms of the were not immediately disclosed.
In the financial sector, JPMorgan Chase tumbled 0.90% after reporting on Friday its first loss under Chief Executive Officer Jamie Dimon after taking a USD7.2 billion charge to cover the cost of mounting litigation and regulatory probes.
Other U.S. lenders were also trending lower, as Citigroup declined 0.59% and Goldman Sachs retreated 0.71%, while Bank of America edged down 0.12%.
On the upside, Netflix rallied 2.15% after the Wall Street Journal reported the company is in talks with several U.S. cable television companies to make its streaming video service available through set-top boxes.
Also in the media sector, Walt Disney, 21st Century Fox, NBCUniversal, CBS Corp., Univision Communications, WNET, and WPIX asked the U.S. Supreme Court to rule Aereo Inc., which provides broadcast signals to online viewers, is an illegal operation.
Brown & Brown, down 0.15%, and Wintrust Financial, down 0.37%, were scheduled to report third quarter earnings after the closing bell.
Across the Atlantic, European stock markets were mixed to lower. The EURO STOXX 50 slipped 0.12%, France’s CAC 40 fell 0.23%, Germany's DAX edged down 0.16%, while Britain's FTSE 100 added 0.19%.
During the Asian trading session, Japan’s Nikkei 225 Index and Hong Kong's Hang Seng Index remained closed for a public holiday.
During early U.S. trade, the Dow Jones Industrial Average slid 0.55%, the S&P 500 index declined 0.53%, while the Nasdaq Composite index shed 0.38%.
Negotiations between the White House and House Republicans broke down over the weekend, after President Barack Obama rejected Republican proposals for a short-term debt ceiling increase.
If a deal to raise the government borrowing limit is not struck ahead of Thursday’s deadline, the U.S. will face an unprecedented sovereign debt default.
World finance ministers and central bank heads in Washington for the annual meeting of the International Monetary Fund and World Bank over the weekend called for “urgent action” to break the deadlock, warning of the negative impact on the global economic recovery.
In the auto sector, General Motors declined 0.88% following a report that France's PSA Peugeot Citroen plans to sell EUR3 billion. General Motors owns a 7% stake in Peugeot.
Adding to losses, Facebook tumbled 1.36% after the social-networking giant said it would acquire start-up app-maker Onavo. Financial terms of the were not immediately disclosed.
In the financial sector, JPMorgan Chase tumbled 0.90% after reporting on Friday its first loss under Chief Executive Officer Jamie Dimon after taking a USD7.2 billion charge to cover the cost of mounting litigation and regulatory probes.
Other U.S. lenders were also trending lower, as Citigroup declined 0.59% and Goldman Sachs retreated 0.71%, while Bank of America edged down 0.12%.
On the upside, Netflix rallied 2.15% after the Wall Street Journal reported the company is in talks with several U.S. cable television companies to make its streaming video service available through set-top boxes.
Also in the media sector, Walt Disney, 21st Century Fox, NBCUniversal, CBS Corp., Univision Communications, WNET, and WPIX asked the U.S. Supreme Court to rule Aereo Inc., which provides broadcast signals to online viewers, is an illegal operation.
Brown & Brown, down 0.15%, and Wintrust Financial, down 0.37%, were scheduled to report third quarter earnings after the closing bell.
Across the Atlantic, European stock markets were mixed to lower. The EURO STOXX 50 slipped 0.12%, France’s CAC 40 fell 0.23%, Germany's DAX edged down 0.16%, while Britain's FTSE 100 added 0.19%.
During the Asian trading session, Japan’s Nikkei 225 Index and Hong Kong's Hang Seng Index remained closed for a public holiday.