The Daily Money: How would a government shutdown affect the stock market?
Good morning! Daniel de Visé here with today's headlines.
A government shutdown this weekend is increasingly likely, and the stock market is finding it hard to see an upside.
Stock watchers say the mere threat of a shutdown has fed the current market swoon, a decline of upwards of 5% in the S&P 500 so far this month, to 4,275. September also happens to be a historically weak month for equities.
Talk of shutdowns is “one of the reasons why you've seen the market weaken,” said Marc Zabicki, chief investment officer of LPL Financial.
Las Vegas hospitality workers gear up to walk out
Workers nationwide have taken to walkouts and strikes to demand better wages and working conditions. Las Vegas hospitality workers could be the next to join.
Members of the Culinary and Bartenders Unions voted Tuesday to authorize a strike at nearly two dozen properties on the Las Vegas Strip. The vote does not mean a strike is imminent, but the unions now can call one if they do not come to terms with employers. Negotiations are slated to continue next week.
The unions aim to “settle a fair contract as soon as possible” but are prepared to strike, according to a statement from Ted Pappageorge, Secretary-Treasurer for the Culinary Union, which is affiliated with the labor union Unite Here.
“Companies are doing extremely well and we are demanding that workers aren’t left behind,” he said.
The authorization comes as Las Vegas gears up for major tourism events, including a Formula 1 race across the Strip in November and Super Bowl LVIII in February.
📰 More stories you shouldn't miss 📰
National Coffee Day! Dunkin', Krispy Kreme and more coffee spots have deals, promotions
Strike update: UAW VP says Stellantis proposals mean job losses; top executive says they won't
Rising Costco: Membership price increase 'a question of when, not if,' CFO says
For disabled travelers: United Airlines' new tool will let you know if your wheelchair will fit on your flight
Best day to book a flight? Expedia's tips can help make your trip more carefree
🍔 Today's Menu 🍔
Heinz, the food company, announced that it will sell a limited number of Ketchup and Seemingly Ranch bottles after Taylor Swift's appearance at Sunday's Kansas City Chiefs game went viral on social media.
The pop star was seen enjoying a plate of chicken strips with the two condiments. This became a major development in the food industry, given that her previous appearance helped increase sales of Travis Kelce jerseys.
"It's a new Era for Heinz," the condiment company wrote on Instagram.
During the Chiefs' game against the Chicago Bears, Taylor Swift was spotted in a suite with Kelce's family, catching the attention of many fans and commentators. Her presence has fueled rumors about her alleged romantic involvement with the star tight end.
About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.