It's day eight of the government shutdown.
First, the scoreboard:
- Dow: 14,776.5 , -159.7, -1.0 %
- S&P 500: 1,655.4, -20.6, -1.2%
- NASDAQ: 3,694.8, -75.5, -2.0%
And now the top stories:
- Thanks to the government shutdown, monthly reports on international trade and job openings were cancelled.
- Meanwhile, the Oct. 17 debt ceiling continues to inch closer. Short-term interest rates surged again, suggesting markets are getting more worried. A $30 billion auction of four-week bills priced and the high yield was 0.35% — a 2.5 basis point tail — the highest since October 2008. Traders are calling these securities the "Halloween bills."
- Finance geeks are increasingly talking about a way the Treasury could raise additional funds without an increase in the debt ceiling. "In a nutshell, the idea is that the Treasury would issue 10-year or 30-year notes that yield higher rates than those in the market," summarized BI's Matt Boesler. "Investors would have to pay up for the ability to hold these premium securities." In a new note to clients, UBS interest rate strategists Mike Schumacher and Boris Rjavinski advanced this idea, which was originally introduced by Bloomberg View columnist Matt Levine.
- Today's stock market sell-off was led by tech stocks. Shares of Facebook were hit particularly hard, falling 6.5%. Yahoo! fell 3.4% and Netflix lost 4.3%.
- After the closing bell, aluminum giant Alcoa and KFC parent Yum! Brands announce Q3 earnings. Follow the releases live at BusinessInsider.com.
- Don't Miss: GOLDMAN: Here Are The 20 Most Overpriced Stocks In The Market »
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