The Daily Money: How might a government shutdown move the stock market?

A government shutdown may commence on Sunday, and the mere threat of it is already bringing stock prices down

Advertisement Read in browser Read in browser The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW Thu Sep 28 2023 Daniel de Visé | Personal Finance Reporter Good morning! Daniel de Visé here with today's headlines. A government shutdown this weekend is increasingly likely, and the stock market is finding it hard to see an upside. Stock watchers say the mere threat of a shutdown has fed the current market swoon, a decline of upwards of 5% in the S&P 500 so far this month, to 4,275. September also happens to be a historically weak month for equities. Talk of shutdowns is "one of the reasons why you've seen the market weaken," said Marc Zabicki, chief investment officer of LPL Financial. Culinary Union members rally ahead of a strike vote Tuesday, Sept. 26, 2023, at Thomas & Mack Center on the UNLV campus in Las Vegas. Tens of thousands of hospitality workers who keep the iconic casinos and hotels of Las Vegas humming were set to vote Tuesday on whether to authorize a strike amid ongoing contract negotiations. (K.M. Cannon/Las Vegas Review-Journal via AP) K.M. Cannon, AP Las Vegas hospitality workers gear up to walk out Workers nationwide have taken to walkouts and strikes  to demand better wages and working conditions. Las Vegas hospitality workers could be the next to join. Members of the Culinary and Bartenders Unions voted Tuesday to authorize a strike at nearly two dozen properties on the Las Vegas Strip. The vote does not mean a strike is imminent, but the unions now can call one if they do not come to terms with employers. Negotiations are slated to continue next week. The unions aim to "settle a fair contract as soon as possible" but are prepared to strike, according to a statement from Ted Pappageorge, Secretary-Treasurer for the Culinary Union, which is affiliated with the labor union Unite Here. "Companies are doing extremely well and we are demanding that workers aren't left behind," he said. The authorization comes as Las Vegas gears up for major tourism events, including a Formula 1 race across the Strip in November and  Super Bowl LVIII in February.  📰 More stories you shouldn't miss 📰 National Coffee Day! Dunkin', Krispy Kreme and more coffee spots have deals, promotions Strike update: UAW VP says Stellantis proposals mean job losses; top executive says they won't Rising Costco: Membership price increase 'a question of when, not if,' CFO says For disabled travelers: United Airlines' new tool will let you know if your wheelchair will fit on your flight Best day to book a flight? Expedia's tips can help make your trip more carefree 🍔 Today's Menu 🍔 Heinz, the food company, announced that it will sell a limited number of Ketchup and Seemingly Ranch bottles after Taylor Swift's appearance at Sunday's Kansas City Chiefs game went viral on social media. The pop star was seen enjoying a plate of chicken strips with the two condiments. This became a major development in the food industry, given that her previous appearance helped increase sales of Travis Kelce jerseys. "It's a new Era for Heinz," the condiment company wrote on Instagram. During the Chiefs' game against the Chicago Bears, Taylor Swift was spotted in a suite with Kelce's family, catching the attention of many fans and commentators. Her presence has fueled rumors about her alleged romantic involvement with the star tight end. About The Daily Money Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. To get the most financial aid, complete both FAFSA and the CSS profile FAFSA is the main source of student financial aid, but don't overlook the CSS profile. If your school accepts it, you could win more money for school. READ MORE Advertisement Baskin-Robbins adds Apple Cider Donut as October flavor The flavor features apple cider donut ice cream with pieces of real apple cider donut, finished with a textured cinnamon sugar swirl READ MORE Costco membership price increase 'a question of when, not if' Costco Chief Financial Officer Richard Galanti announced the company isn't raising costs now, but eventually will. READ MORE How will a government shutdown affect the stock market? While a shutdown isn't expected to have much of an impact on the stock market, experts say it has contributed to the S&P 500's 5% dip this month. READ MORE Las Vegas hospitality workers vote to authorize strike: What we know Members of the Culinary and Bartenders Unions Tuesday night voted to authorize a strike at nearly two dozen properties on the Las Vegas Strip. READ MORE UAW VP, Stellantis exec offer conflicting views on proposals Rich Boyer, head of the UAW's Stellantis department, is skeptical about company plans for an Illinois plant that once supported 5,000 jobs. READ MORE Heinz crafts custom sauce after Taylor Swift's condiment choice at Chiefs game Heinz announced it will sell a limited number of Ketchup and Seemingly Ranch bottles after Taylor Swift's appearance at Sunday's Kansas City Chiefs game went viral. READ MORE Man turns $2 into $5.75 million after winning lottery using mobile app A man claimed $5.75 million grand prize at the Arkansas Scholarship Lottery's Claim Center after playing the Lucky for Life lottery app. READ MORE Gen-Zers crave flexibility. Does that make them difficult? Gen-Z workers sometimes pivot between fulltime and freelance gigs, craving flexibility. This has fed talk that they make "difficult" employees. READ MORE Surprise! Gen Z, millennials aren't the only ones who want a life. Gen Z and millennials aren't the only ones searching for work-life balance. Everyone is. It's just that generations pursue it differently. READ MORE Advertisement Sign up for the news you want Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. SEE ALL NEWSLETTERS ➔ SEE ALL NEWSLETTERS ➔ Newsletters   |    eNewspaper   |   Crosswords Follow Us Problem viewing email? View in browser Unsubscribe  •  Manage Newsletters  •  Terms of Service  •  Privacy Policy/Your California Privacy Rights  •   Privacy Notice  •  Do Not Sell My Info/Cookie Policy  •  Feedback