The Euro Stoxx index moved to a new all-time high with the price moving above March high at 5563.90. The high price moved to a high of 5576 so far. The price is also moving away from a topside trend line at 5549.
While the Euro Stoxx is making new highs, the US stock indices are not doing well today.
- Dow industrial average is down -60 points or -0.12% at 46341.
- S&P index is down -20.52 points or -0.31% at 6668.
- NASDAQ index is down -90 points or -0.40% at 22569.75.
There is a rotation as the markets react negatively to the US government shutdown (and dysfunction): and also the weaker than expected data, especially the ADP report. ISM Manufacturing although marginally higher than expectations is still below the 50 level.
By the way, the market is still waiting for the construction spending which was scheduled for release at 10 AM. Because of the shut down that is delayed.
What we know so far:
The weekly jobless claims report will not be released.
The monthly nonfarm payroll / jobs report from the Bureau of Labor Statistics (scheduled for Friday) will be suspended.
Other key economic releases (including inflation and other labor market metrics) from departments such as Labor and Commerce are expected to be paused.
