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Eight Democratic senators broke ranks with their party over the weekend, getting the ball rolling towards a vote that could end the nation’s longest-ever federal government shutdown, which has already lasted 41 days. The compromise that catalyzed their move did not include an extension of Obamacare health insurance subsidies, as the Democrats had desired; it does however contain a pledge by Republicans to hold a December vote on extending the subsidies.
Most importantly, an end to the shutdown would reinstate funding for SNAP food subsidy benefits, permit payment of government workers such that air traffic controllers would return to work in full force, permit air travel to resume at normal levels — and generally get the government running like normal again. First, though, the Senate will need to move past procedural votes to approve a Continuing Resolution funding the government, and then the House of Representatives will need to hold its own vote to approve the Senate’s version of this CR — and of course, the President will need to sign the bill once both houses have approved.
Investors are thrilled at the prospect, and the Vanguard S&P 500 ETF (NYSEMKT: VOO) opened 1% higher Monday morning.
Earnings
Meanwhile on Wall Street, a new batch of earnings reports are on deck.
S&P 500 component Tyson Foods (NYSE: TSN | TSN Price Prediction) beat earnings by 28 cents, reporting a $1.15 per share profit. Revenue came in light at $13.9 billion, but in today’s optimistic market these numbers seem still good enough to send Tyson stock up nearly 4%.
Instacart (Nasdaq: CART) beat by a penny this morning, reporting Q3 profit of $0.51 per share. Revenue of $939 million was $6 million more than Wall Street expected, but Instacart stock is down 2%.
Barrick Mining (NYSE: B) missed earnings this morning, reporting a $0.58 per share adjusted profit where Wall Street wanted to see $0.61. Revenue also came in light at $4.15 billion, but Barrick stock is also up 6%.
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