Futures fall sharply over stalemate in Washington

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Associated Press

Posted on October 7, 2013 at 6:33 AM

NEW YORK (AP) — Stock futures are falling sharply as the U.S. government heads into the second week of a partial shutdown with no signs of a budget agreement in sight.

Dow Jones industrial futures are down 125 points to 14,873. S&P futures have lost 15.3 points to 1,669.50. Nasdaq futures are down 25.5 points to 3,209.

The Dow Jones gave up more than a percentage point last week and with the shutdown trimming an estimated 0.2 percent from gross domestic product every week, Washington will be watching Wall Street closely Monday.

The stalemate by all accounts will extend into the beginning of the U.S. earnings season, when Alcoa reports third quarter results after the closing bell Tuesday.

The Federal Reserve will release its consumer borrowing report at 3 p.m. Eastern on Monday.

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