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Shutdown looms; IBM drops; Schlumberger earnings

1. Shutdown looms: There is a very real possibility that the United States government will be forced...

Posted: Jan 19, 2018 11:58 AM
Updated: Jan 19, 2018 11:58 AM

1. Shutdown looms: There is a very real possibility that the United States government will be forced to shut down at midnight.

But investors don't appear to be too worried.

House Republicans approved a bill late Thursday that would keep the U.S. government running until mid-February. But Democrats in the Senate, some of whose support is needed to pass the measure, appear poised to take a stand.

Democrats, who have been frustrated by a lack of progress on immigration, are hoping to extract concessions in return for their votes.

Market reaction has so far been muted. U.S. stock futures were steady on Friday, and most global markets posted gains.

A brief government shutdown is not expected to have a large economic impact. But it could hurt investor, consumer and business confidence because it signals a major breakdown in the political process.

"The economic damage of a shutdown should be limited, if the shutdown is relatively short lived ... A longer slowdown would start to do more serious damage," warned Paul Donovan, global chief economist at UBS Wealth Management.

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2. Stocks to watch -- IBM, American Express: Shares in IBM and American Express could stumble on Friday.

IBM reported its first sales increase in 22 quarters after the market closed on Thursday.

Sales grew 1% last quarter, but that might not be enough to convince investors that IBM has turned its fortunes around. Shares were down by as much as 4% after the market closed on Thursday.

American Express shares were also lower in extended trading after the firm posted its first net loss since 1992.

The company said the recent tax code overhaul was the culprit. American Express estimates that it will face a $2.6 billion "charge" because of the new law, most of which will go toward a tax on profits earned overseas.

3. Hotels halted: Trading in Wanda Hotel Development was halted in Hong Kong, and investors are waiting for news about the potential sale of a business unit.

Wang Jianlin, who heads up the Wanda real estate and entertainment empire, is among China's richest men.

Wanda has been scaling back parts of its sprawling operations after coming under heightened scrutiny by Chinese authorities last year.

4. Earnings: SunTrust Banks and Schlumberger will release earnings before the open.

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5. Coming this week:

Friday -- January consumer sentiment report released by the University of Michigan; Potential government shutdown at midnight

Oregon Coronavirus Cases

Data is updated nightly.

Cases: 387485

Reported Deaths: 5116
CountyCasesDeaths
Multnomah59768836
Washington41571393
Marion39592504
Clackamas32426376
Lane29856354
Jackson24672350
Deschutes23182185
Umatilla15087180
Linn14488178
Douglas13236286
Josephine10057240
Yamhill9665142
Klamath8979145
Polk813698
Benton605137
Malheur591586
Coos5573106
Columbia423855
Jefferson416865
Lincoln357252
Union336854
Crook330156
Wasco314846
Clatsop258335
Baker217531
Tillamook214345
Hood River211337
Morrow197025
Curry190136
Harney119332
Grant108314
Lake104016
Wallowa74713
Sherman1903
Gilliam1844
Wheeler1141
Unassigned00

California Coronavirus Cases

Data is updated nightly.

Cases: 5061240

Reported Deaths: 74159
CountyCasesDeaths
Los Angeles152548627128
San Diego4047084319
Riverside3849455306
San Bernardino3718825944
Orange3329505675
Sacramento1674002423
Kern1565171781
Fresno1558992246
Santa Clara1511691922
Alameda1246581504
San Joaquin1070001833
Ventura1036461188
Contra Costa1032921045
Stanislaus912991413
Tulare856141082
San Francisco56614669
San Mateo56058629
Monterey52340625
Solano47422356
Santa Barbara47035548
Merced44807664
Sonoma42912412
Placer41881468
Imperial38128769
Kings35038358
San Luis Obispo31294358
Madera26005311
Shasta25917440
Butte25295309
Santa Cruz22028222
Yolo21451257
Marin18342248
El Dorado18166161
Sutter14494181
Napa13372104
Yuba1070088
Tehama10230129
Humboldt10043117
Nevada9914103
Mendocino848894
Lassen792355
San Benito775977
Tuolumne767790
Lake6990110
Amador573766
Siskiyou470954
Glenn455136
Calaveras435685
Del Norte371242
Colusa323519
Inyo254345
Plumas19127
Mono18294
Mariposa156718
Trinity98817
Modoc7475
Unassigned2430
Sierra2170
Alpine1060
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