White House: Prepare for 'shutdown' Us stocks hit the biggest monthly decline in the year! The Dow fell 3.5% in September
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发表于 2023-9-30 18:12:49
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The S&P 500 and Nasdaq both ended September with their worst monthly performances of the year.
The Dow lost 1.34% this week, 3.5% in September and 2.62% in the third quarter. The S&P 500 fell 0.74 percent this week and recorded four straight weekly losses, falling 4.87 percent in September and 3.65 percent in the third quarter. The Nasdaq rose 0.06% this week, ending a three-week losing streak, fell 5.81% in September, and fell 4.12% in the third quarter.
Large tech stocks mostly rose, with Apple, Amazon, Netflix and Microsoft up slightly and Google and Facebook down more than 1 percent. Energy stocks fell, with Schlumberger down more than 4%, Conocophillips down more than 2% and ExxonMobil, Chevron and Occidental Petroleum down more than 1%.
On the news, the latest data brought the good news that US inflation slowed down more than expected, but the danger of the US government shutdown is looming, the US stock market failed to maintain the momentum of the rally.
The Fed's preferred inflation measure, the core PCE price index excluding food and energy, rose 0.1 percent in August from the previous month, the slowest pace since late 2020, rather than stabilizing at July levels as economists had expected. Services inflation, which excludes housing and energy, also slowed to 0.1 per cent month-on-month in August.
The commentary said that inflation continued to slow growth means that the Fed's aggressive rate hikes are working. The challenge is that year-over-year core PCE growth is still almost double the Fed's inflation target, which keeps the Fed open to raising rates again. The latest PCE data at least makes it less likely that the Fed will resume raising interest rates anytime soon.
However, the US House of Representatives voted on a temporary funding bill to support the government until October 31, after Republican leaders blocked the plan. It was the latest failure to pass a spending bill less than two days before a shutdown, raising the risk that Congress will not be able to avert a government shutdown in time.
The White House told employees to prepare for a "shutdown.
According to the Global network, an email obtained by the Associated Press (AP) shows that the White House and the Department of Homeland Security have informed staff on the 28th to prepare for the federal government "shutdown", and employees who have received a leave notice will have four hours to do a good job on October 2.
Except for the staff, all White House appointees will remain on the job, including Chief of Staff Jeff Zients, press secretary Karin Jean-Pierre, National Security Adviser Jack Sullivan and other senior officials, according to the White House email. At the same time, U.S. military and federal workers, including law enforcement officers, air traffic controllers, and Transportation Security Administration officers, will also remain on duty because they are critical to protecting the nation's lives and property.
With two-thirds of IRS employees likely to be furloughed, taxpayer calls to the agency will go unanswered and 363 taxpayer assistance centers across the country will be closed, the Treasury Department said.
Without a short-term funding deal, more than 4 million U.S. military personnel and government workers could miss paychecks, pensioners could miss monthly payments from the government on time to pay bills and buy groceries, and national parks could close.
It is worth noting that if the shutdown continues beyond the next scheduled payday (October 13), federal workers will not be paid on time, but they will receive back pay once the government resumes full operations.
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