As the debt ceiling deadline closes in, the markets have started to fall off as investors look for signs of progress. House Republican leaders made comments about their continuous work to find an end to the shutdown and plan to vote tonight. The Dow Jones saw the biggest drop on Tuesday and ended about 130 points lower. Citigroup (C) posted disappointing results for Q3 by missing estimates for both earnings and revenue. Intel’s (INTC) earnings were mostly flat for their third quarter but beat expectations on the Street. Johnson & Johnson (JNJ) shared positive reports and raised its outlook for the year. European stocks saw gains today and in currency markets the dollar was mixed on debt worries. Commodities fell as well while the 10-year Treasury yield ended higher.
Word on the Street
- Talks on hold as House leaders continue to work on debt limit plan.
- Charles Schwab (SCHW) posts its highest profit since 2008 and sees stock jump.
- Coca-Cola (KO) reports higher quarterly profit despite poor economic conditions.
- What will happen to mortgage rates if the US defaults?
- While talks in Iran are a good sign, don’t expect an overnight breakthrough.
- Achillion Pharmaceuticals (ACHN) Gets Wiped Out After FDA Maintains Hold on its Lead Drug.