After a rough start on Tuesday, U.S. stock futures started off Wednesday a little brighter on hopes that the House of Representatives could reopen the government today. The House is still out, but quick efforts could finally put an end to a nearly one-and-a-half month shutdown, which has hurt everything from safety net programs to air travel.
The news has sent shares of the US Global Jets ETF (+2.5%), a fund that tracks the airline industry, jumping today. Still, Delta CEO Ed Bastian warns that the costs of delays and cancellations from the past week will be hefty. And Department of Transportation Secretary Sean Duffy said that the problems with air travel won't immediately be resolved. Still, after nearly 3,000 canceled flights on Sunday, 2,400 more on Monday, and 1,200 yesterday, any improvement at all would be a welcome sight.
Tuesday Reading:
But here's something that isn't a welcome sight: tech. After starting off the day strong, many equities are hitting day lows, dragged lower by megacaps like Tesla (-2.15%), Meta (-2%), and Alphabet (-1.8%). Declines from Palantir (-4.6%) and Oracle (-3.8%) are also notable, as the AI tech boom continues to skid.
Still, some breadth is good, even if U.S. equities aren't feeling it universally. The Nasdaq (-0.43%) is facing another day of declines. The Dow (+0.83%) is once again looking like a standout trade today. The S&P 500 is flat.
TurboTax Via TheStreet
-- Noah Weidner, Markets Reporter
