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Congress Averts Government Shutdown with Last-Minute Spending Bill

  In a dramatic turn of events, Congress narrowly avoided a government shutdown by passing a crucial spending bill late Friday night. The bill, which extends government funding until mid-March, was approved by the House with a vote of 366 to 34 and later passed by the Senate. This legislation provides $110 billion in relief for natural disaster survivors and aid to farmers, while also extending the farm bill. However, the bill notably excludes President-elect Donald Trump's demand to raise the debt ceiling. Instead, Republicans are considering a handshake deal to raise the debt limit by $1.5 trillion early next year and reduce future government spending by $2.5 trillion. This compromise does not have the force of law and will be revisited in the coming months. The spending package also left out key Democratic priorities, such as funding for pediatric cancer research. Despite these omissions, the bill's passage was seen as a significant achievement for House Speaker Mike Johnson...
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Stock Market Pauses Near Records Ahead of Key Inflation Data

                                       

US stocks paused near record highs on Wednesday as investors awaited a crucial inflation report. The S&P 500 futures (ES=F) and Dow Jones Industrial Average futures (YM=F) were little changed, coming off fresh all-time highs. Meanwhile, contracts on the tech-heavy Nasdaq 100 (NQ=F) fell 0.3%.

The market is on edge as the Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, is set to be released. Economists expect the "core" PCE, which excludes food and energy, to have risen to 2.8% in October from 2.7% in September. A print matching those expectations could dampen hopes for a rate cut in December.

Investors are also keeping an eye on updates on third-quarter GDP, durable goods data, and initial jobless claims. The mood is somewhat muted as the market winds down for the Thanksgiving holiday, with markets set to close early on Friday.

On the corporate front, Dell (DELL) shares plunged over 10% after quarterly revenue fell short amid declining PC demand. Peer HP (HPQ) also saw its stock drop 8% post-earnings. Automakers General Motors (GM) and Ford (F) were hit hard by Trump's tariff threats, with GM losing 9% and Ford dropping 3%.

As the market awaits the inflation data, the question remains: will inflation have stalled, as some officials believe, or will it continue to rise, complicating the Fed's path forward?




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