Premarket, futures are down over 1% on news that Boehner’s Plan B didn’t make it to the House floor. Gainers this morning include RHT (+4.83%), ISRG, NKE, FSLR and GILD while losers include TDC (-4.35%), PWR, ETN, CLF and PPG.
Boehner could not muster support from his fellow Republicans, a majority in the U.S. House of Representatives, to pass his bill called “Plan B” that he had hoped to use to pressure Obama in talks to avert the steep tax hikes and spending cuts slated to start taking effect in just eleven days. Boehner abruptly pulled the measure that would have raised taxes only on those earning $1 million or more. House members, heading home for the holidays, were instructed to be available on 48 hours notice if necessary.
Boehner has scheduled a news conference for 10 a.m. today.
Inflation-adjusted consumer spending rose 0.6 percent, and after-tax income climbed 0.8 percent when adjusting for inflation.
Spending before taking into account changes in prices rose 0.4 percent. Economists had expected a rise of 0.3 percent last month.
Europe is down and Asian markets closed down.
Bank of America was at a new high again yesterday. I bet we have no new highs today though.
The national average price of gasoline is up 1.3 cents to $3.232 per gallon.
0830 ET Nov personal income expected +0.3% m/m, Oct unch m/m. Nov personal spending expected +0.4% m/m, Oct was -0.2% m/m.
0830 ET Nov PCE deflator expected -0.1% m/m and +1.6% y/y, Oct +0.1% m/m and +1.7% y/y. Nov core PCE deflator expected +0.1% m/m and +1.6% y/y, Oct +0.1% m/m and +1.6% y/y.
0830 ET Nov Chicago Fed national activity index, Oct -0.56.
0830 ET Nov durable goods orders expected +0.5% m/m, Oct +0.5% m/m. Nov durable goods orders ex-transportation expected -0.2% m/m, Oct +1.8% m/m. Nov non-defense capital goods orders ex-aircraft expected -1.0% m/m, Oct +1.7% m/m.
0955 ET Final-Dec U.S. consumer confidence (University of Michigan) expected +0.5 to 75.0, early-Dec -8.2 to 74.5.
1100 ET Dec Kansas City Fed manufacturing activity index expected -5, Nov -6.
1500 ET Nov USDA Cattle on Feed report.