Market continues to weaken today after news of spending negotiations in Congress begins to show lack of prospects and bond yields reverse back to peaks right from the morning session. SPX loses 4300 with steadily increasing selling pressure, starting from tech and gradually spreading to all sectors. Demand for puts surges below SPX~4300 and only temporarily shows signs of stopping when Europe closes.
US House Speaker Kevin McCarthy is considering cooperating with Democrats amid pressure of government shutdown in 5 days. Accordingly, both sides are trying to find a common agreement to "temporarily" allocate budget. Moody's warned this morning that it may downgrade US credit if the government shuts down.
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