Stocks falter as worries about U.S. gridlock grow

NEW YORK (CNNMoney)

U.S. stock futures were weaker across the board, with S&P 500 futures down nearly 0.8%.

With Congress unable to agree on a deal to fund the government past Monday, more than 800,000 federal workers are being furloughed without pay this week. In addition, government agencies are curtailing their services and federal museums, parks and monuments are closed to the public.

And Treasury Secretary Jack Lew said Tuesday that the government has started to use the last of its "extraordinary measures" to ensure it stays below debt ceiling. If the ceiling isn't raised, the risk of a U.S. default will rise.

At 8:15 a.m. ET, payroll processor ADP will release its monthly report on private-sector jobs. In corporate news, agriculture technology firm Monsanto (MON, Fortune 500) is set to release quarterly results before the opening bell.

Related: Fear & Greed Index

U.S. stocks finished higher Tuesday, initially shrugging off the government shutdown on hopes that it may be short-lived.

European markets were weaker in morning trading, weighed down by worries about the U.S.

The European Central Bank will announce its latest decision on interest rates at 7.45 a.m. ET, with ECB President Mario Draghi speaking around 8.30. The bank is expected to make no change to policy.

Asian markets ended mixed. Hong Kong's Hang Seng, which was closed Tuesday, gained 0.5% in response to Wall Street's rally.

Japan's Nikkei opened flat but lost momentum through the day, eventually closing 2.2% lower as investors considered the tax hike and stimulus plan announced Tuesday by Prime Minister Shinzo Abe. The tax hike should slow growth, and it remains unclear whether the 5 trillion yen stimulus will be enough to offset the hit to Japan's economy.

The Shanghai Stock Exchange was closed for the National Day celebration.

First Published: October 2, 2013: 4:57 AM ET

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