September 27, 2013 -- 8:30 a.m. ET - 09/27/13
U.S. stock futures are suggesting a flat open. The Dow, S&P 500 Index and NASDAQ are all at least 0.4% below fair value. The major averages are down ahead of the opening bell as the political gridlock in Washington continues. Speaker Boehner said the House will not accept a spending bill that is likely to emerge from the Senate today. Meanwhile, President Obama stands firm that he will not negotiate the debt ceiling or sign any bill that defunds the health care law. On the economic front, updates on the consumer are in focus. Consumer spending rose for the fourth consecutive month, rising 0.3% in August, and incomes increased 0.4%, which was the most in six months. In addition, the final September reading on the University of Michigans consumer confidence survey is due out at 9:55 a.m. ET and is expected to improve to 78 after falling to 76.8. Across the pond, euro zone economic confidence rose for the fifth straight month, rising to a two-year high. Earnings results are also garnering attention. Nike is up 6% in pre-market trading after posting a stronger-than-expected quarterly profit. On the downside, BlackBerry reported a large second-quarter loss as sales dropped in the Americas. In fixed-income, Treasuries are gaining ground amid demand for the relative safety of government paper. The 10-year note is up 5/32 to yield 2.63% and the 30-year bond is higher by 7/32 to yield 3.68%.