Despite the lingering fiscal stalemate, there are positive signs on Monday that U.S. policymakers are mulling over a way out of the logjam. U.S. President Barack Obama on Monday said he is willing to discuss the government budget and fiscal policy with Republicans to end the partial government shutdown.
Meanwhile, the third-quarter earnings season will unofficially kick off with earnings reports from aluminum giant Alcoa Inc. and fast-food chain Yum! Brands Inc. due after Tuesday’s closing bell.
Third-quarter earnings growth of S&P 500 companies is estimated to be 3.0 percent year-on-year, while revenue growth is forecast to be 2.6 percent, according to FactSet data.
Moreover, several Federal Reserve officials will speak throughout Tuesday, including Cleveland Fed President Sandra Pianalto and Philadelphia Fed President Charles Plosser. Investors are also eying the U.S. central bank’s policy meeting statement slated for Wednesday afternoon.
Shortly after the opening bell, the Dow Jones Industrial Average dropped 27.67 points, or 0.19 percent, to 14,908.57 points. The S&P 500 edged down 1.94 points, or 0.12 percent, to 1,674.18 points. The Nasdaq Composite Index lost 2.02 points, or 0.05 percent, to 3,768.36 points.