Stock futures was down before the market opens as the U.S. government remained no operating.
The Dow Jones Industrial Average futures was down by 33 points and briefly fell by as much as 101 points. The S&P 500 and Nasdaq 100 futures shed 2 points and 8 points, respectively.
The U.S. Government shutdown in Saturday after a bill that would’ve kept government funded through Feb 16. Was voted down in the Senate. The shutdown will continue for a third day after the Senate failed to reach an agreement to break an impasse before the work week began in Washington.
The White House was quick to blame Democrats once the shutdown started. In a statement, White House press secretary Sarah Sanders stated “This is the behavior of obstruction lowers, not legislators”
On Sunday, on the other hand, the Republican lawmakers were getting behind a plan that would keep the government funded through February 8.
This is the first government shutdown since 2013. In that instance the government was down for 16 days.
Concerns about a shutdown kept investors on the edge last week. On Tuesday, The Dow gave up a 283-point gain, while the S&P 500 and NASDAQ also closed lower in the session. The CBOE volatility index, widely considered the best fear gauge on Wall Street, finished the week nearly 11 percent higher.
Historically, the Vix averages a return of 9.7 percent one week after a government shutdown, while the S&P 500 slips 0.3 percent in that time period.