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Futures are falling sharply on day 14 of shutdown

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October 14, 2013 09:08 AM EST | AP


NEW YORK — NEW YORK (AP) — U.S. futures are down sharply as the nation heads into the third week of a partial government shutdown.

Negotiations to clear a path for a new budget agreement ended Sunday at an impasse. That could begin pressuring the bond market, which is closed Monday for Columbus Day.

Dow Jones industrial futures are down 104 points to 15,071. S&P futures have lost 12.3 points to 1,686.70. Nasdaq futures are down 15.75 points to 3,209.75.

The U.S. earnings season goes into high gear this week, with Coca-Cola, Johnson & Johnson and Citigroup posting results Tuesday.

Bank of America, PepsiCo and IBM follow Wednesday, and Google, American Airlines and Goldman Sachs report Thursday. General Electric and Morgan Stanley are due Friday.

The U.S. will likely deplete its ability to borrow money by Thursday.