NEW YORK (CNNMoney)
U.S. stock futures were heading lower Thursday, and world markets were mixed, as investors gave a lukewarm reception to news that Washington had reached a deal to reopen the federal government and avert a potentially catastrophic default.
U.S. stocks rallied Wednesday as the deal took shape, with all 3 main indexes gaining more than 1%.
The agreement provides a few months of breathing space but markets fear little progress has been made in bridging fundamental differences in Congress and that could mean renewed uncertainty and volatility in early 2014.
That could sap business and consumer confidence during the year-end holiday season, adding to the $24 billion hit to the economy caused by the events of the past two weeks.
Related: Fear & Greed Index
China, the U.S.'s biggest foreign creditor, welcomed the resolution of the debt ceiling crisis. But credit rating agency Dagong, which has close ties to the Chinese government, cut its U.S. rating, saying the country was only able to remain solvent by raising new debts.
"Hence the government is still approaching the verge of default crisis, a situation that cannot be substantially alleviated in the foreseeable future," it said.
The dollar was weaker against other major world currencies, sinking as much as 0.7% against the euro and the pound.
IBM (IBM, Fortune 500) shares sank in after-hours trading Wednesday after the tech giant reported quarterly sales results that fell short of expectations. Shares of eBay (EBAY, Fortune 500) fell after the company offered weak guidance.
Firms including Goldman Sachs (GS, Fortune 500) and Verizon (VZ, Fortune 500) are set to release quarterly results before the opening bell Thursday, while Google (GOOG, Fortune 500) is up in the afternoon.
European markets were weaker in morning trading, with Germany's DAX and France's CAC 40 down 0.6%. Asian markets ended mixed.
First Published: October 17, 2013: 5:32 AM ET
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