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Stocks were poised for hefty falls Monday as investors grew increasingly worried that political deadlock over the U.S. budget and debt limit could lead to a default.
U.S. stock futures were down around 1% ahead of the opening bell and the dollar weakened against other global currencies.
With the deadline to raise the debt limit just over one week away, lawmakers appeared no closer to resolving the debt impasse over the weekend.
ETX Capital market strategist Ishaq Siddiqi said failure to raise the debt ceiling could lead to a U.S. default, prompting a massive flight out of U.S. stocks and the dollar, and a “subsequent meltdown of global asset prices.”
The wrangling in Washington is expected to dominate markets, in what is otherwise a light day for corporate and economic news.
Corporate earnings season kicks off this week with aluminum giant Alcoa (Fortune 500) on Tuesday. Large banks , J.P. Morgan Chase (Fortune 500)and , Wells Fargo (Fortune 500) report on Friday morning. ,
U.S. stocks finished higher Friday, but investors remained relatively cautious amid the ongoing government shutdown. The gains came at the end of what was a mostly down week on Wall Street.