European markets are called to open negative this morning.
Asian stocks fell for a third day this week as U.S. lawmakers failed to break a deadlock over raising the federal debt limit, and durable goods orders in the world’s biggest economy unexpectedly declined.
Stocks retreated deep into negative territory on Wednesday as Congress remained stalled on resolving the debt ceiling, and an economic report showed a significant slowdown in the U.S. manufacturing sector.
The Dow has now fallen four days in a row as investors grow increasingly worried that Washington won’t solve the the country’ budget woes in time to meet the August 2 debt ceiling deadline.
Events this week
Thursday: Oil giant Exxon Mobil reports its quarterly numbers before the opening bell. Analysts expect that Exxon earned $2.33 a share, helped in part by elevated oil prices.
The Labor Department will put out its weekly jobless claims numbers at 8:30 a.m. ET; economists expect claims fell by 3,000 to 415,000.
Investors will also get results from MetLife and Starbucks after Thursday’ closing bell.
Friday: Two Dow members will report their results before Friday’ bell: drug maker Merck and oil giant Chevron. Analysts are looking for Merck to post a profit of 95 cents a share, while Chevron is expected to earn $3.56 a share.
Investors will get the first reading on second-quarter GDP at 8:30 a.m. ET. Out after the bell is the Chicago purchasing managers index and the University of Michigan consumer sentiment survey.