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Senate Approves Stopgap Funding Bill to Prevent Government Shutdown

In a dramatic turn of events, the U.S. Senate passed a six-month funding bill just hours before a potential government shutdown. The bill, which faced significant opposition from Democrats, was approved with a 54-46 vote. The legislation now heads to President Donald Trump's desk for final approval. The funding measure, often referred to as a continuing resolution (CR), was a contentious issue, with Democrats criticizing it for lacking input from their party and for falling short on key priorities like healthcare and housing assistance. However, Senate Minority Leader Chuck Schumer urged his colleagues to support the bill, emphasizing that a government shutdown would have far-reaching consequences. Despite internal divisions, some Democrats sided with Republicans to ensure the bill's passage, prioritizing the avoidance of a shutdown over their reservations about the legislation. The decision has sparked debates within the Democratic Party, with some members expressing frustrati...
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US Futures Steady Near Records as Fed Rate Cut Looms

                                            

Investors are closely monitoring US futures as the Federal Reserve signals an impending interest-rate cut. Here are the key highlights:

  • Market Overview:

    • US stocks inched higher on Tuesday, with the Dow Jones Industrial Average futures trading little changed after surpassing 40,000 points for an all-time closing high.
    • Futures on the S&P 500 were up 0.1%, while Nasdaq 100 futures edged up 0.2%.
    • Earnings season is in full swing, with Bank of America and Morgan Stanley reporting. BofA’s quarterly profit beat estimates, while MS saw signs of an investment banking revival.
    • Results from Morgan Stanley, Charles Schwab, and UnitedHealth are also on today’s docket.

  • Fed Rate Cut Expectations:

    • Federal Reserve Chair Jerome Powell’s recent remarks have boosted faith in a rate cut, likely in September. However, he avoided specifying timing.
    • Some lawmakers caution that a Fed pivot before the November presidential election could be seen as partisan.
    • Meanwhile, political developments continue to impact the market, with former President Donald Trump’s candidacy gaining momentum.

  • Retail Data and Price Pressures:

    • Investors are closely watching today’s retail sales data for clues on inflation and price pressures.

Stay tuned for further updates as the market navigates these dynamics.


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