The three major US stock indexes opened lower on Thursday, November 13, as investors assessed the end of the longest government shutdown in history and its potential impact on the economy. The shutdown delayed October’s inflation and labor market figures and added uncertainty to market expectations regarding the Federal Reserve and interest rate cuts.
The US government ended its longest shutdown in history, which began in early October, on Thursday morning after President Donald Trump signed a temporary funding bill following its passage by the House and Senate earlier that morning.
The S&P 500 index was mixed, with the technology sector down 0.77%, the financial sector down 0.03%, the consumer staples sector down 0.15%, the healthcare sector down 0.23%, and the utilities sector down 0.41%. In contrast, the energy sector rose 0.75%, and the water sector gained 0.03%. On the corporate front, Cisco announced its third-quarter results as the earnings season draws to a close. The company reported revenue of $14.88 billion, exceeding expectations, with earnings per share of approximately $1. Cisco’s stock rose 4.5% at the start of trading.
Meanwhile, Disneyland reported third-quarter revenue of $22.46 billion, surpassing market estimates, but also announced a decline in operating profit. This caused Disney’s stock to fall by more than 8% at the opening.
The Dow Jones Industrial Average is trading down approximately 74 points at 48,180, a loss of 0.18%. The S&P 500 is down 4 points at 6,850, a decline of approximately 0.05%, and the Nasdaq Composite is down 229 points at 23,176, a loss of approximately 0.98%.