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Morning Markets Movers: Stocks Start Freaking Out Over Debt Negotiations … Again

Jan. 16, 2013 9:28am Becket Adams

Here’s what’s shaking:

Stocks:

Getty Images

Stock futures are mixed despite decent earnings from some of the nation’s biggest financial institutions.

Dow Jones industrial futures are down 58 points to 13,405. The broader S&P futures have lost 3.4 points to hit 1,461.80. Nasdaq futures are up 2 points to 2,716.25.

JPMorgan Chase reported a 55 percent jump in earnings for the last three months and Goldman Sachs’ earnings almost tripled.

However, the U.S. followed the downward trend of markets overseas after the World Bank said that ongoing budget fights in Washington pose a significant risk to the global economy.

Oil:

Oil prices slipped closer to $93 a barrel Wednesday, as Germany cut its 2013 growth forecast.

By early afternoon in Europe, benchmark oil for February delivery was down 8 cents to $93.20 a barrel in electronic trading on the New York Mercantile Exchange. The contract dropped 86 cents to finish at $93.28 a barrel in New York on Tuesday.

The German government cut its 2013 growth expectations to 0.4 percent from an earlier estimate of 1 percent on Wednesday, just a day after the announcement that growth in 2012 fell to just 0.7 percent from 3 percent in 2011.

Across the Atlantic, however, U.S. industrial production is expected to have risen again in December, taken as a positive sign by analysts of a gradual economic recovery.

Oil prices were also seen reflecting caution as another heated fiscal debate began brewing in Washington.

Just weeks after striking a deal to avoid the “fiscal cliff,” U.S. lawmakers and President Barack Obama are heading for another showdown over the debt ceiling.

Markets:

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Featured images courtesy Getty Images.

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Comments (6)

hempstead1944
Posted on January 16, 2013 at 1:21pm
Stock market has become nothing more than a ponzi scheme. Go to Vegas, lose your money and have some fun while you do…..

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MrKnowItAll
Posted on January 16, 2013 at 10:24am
Get Booze. Go to Sleep.

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whatsallthisthen
Posted on January 16, 2013 at 10:01am
I believe the lame stream types want everyone to think if the US doesn’t raise the debt ceiling all the bad things in the world will happen. How stupid is our electorate to believe not increasing the debt will hurt our credit? We live in Bizarro World.

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- VRW Conspirator
  Posted on January 16, 2013 at 12:48pm
  if the US is currently borrowing 43 cents on the dollar…
  and entitlement spending (SS/Medicare/caid/unemployment) currently consumes 56 cents on the dollar..once you add in Defense..the only REAL job of the Federal government besides settling disputes between the States…you get about 74 cents on the dollar…welfare/food stamps and you get up to 87 cents on the dollar…and you haven’t even paid all the non military Federal employees yet nor their retirement and benefits…
  all other spending makes up the rest…
  
  the US gets the 57 cents on the dollar in taxes/fees/fines and borrows another 43 cents.
  before even hitting the first paycheck we only have 13 cents of that dollar left…
  
  SS used to have a HUGE surplus due to 4 workers for 1 claimer…now we have nearly a 2 to 1 ratio and by 2032 that ratio will be 1 to 2….so there is no more surplus and SS is currently paying out more than it takes in to the tune of roughly 45 Billion a year..so it is already not solvent…and the Fed can’t pay the SS Trust the 2.7 trillion it has STOLEN over the last 30 years…
  
  We can’t pay all our bills if we don’t borrow with the current system..
  We have to cut somewhere…
  That isn’t a fiscal crisis it is just BAD book keeping…force Congress to actually use corporate accounting rules and laws…yeah things will suck in the short term but within 5-10 years we will be solvent and stronger than ever….
  
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barber2
Posted on January 16, 2013 at 9:53am
Of course stocks will suffer during Obama II . Part of the plan. His War on Capitalism continues ! Blow up and crash the economy . All of the comrades in his Chicago radical gang know this. Just ask Bill Ayers ! ( Proof of Obama’s goal ? Just compare his statement about the debt ceiling as a senator compared to now AND study his mentors — you can NOT, however see his school records ! . Very ” transparent.” )

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SamIamTwo
Posted on January 16, 2013 at 9:51am
Meh, who would have thunked it, eh? LOL

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