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Futures under pressure with budget fight looming

September 25, 2013

NEW YORK (AP) — Stock futures are falling with less than a week before the country reaches its debt ceiling.

The broader futures for Standard & Poor’s, after reaching record heights last week, have been pushed below the 1,700 level every day this week as the threat of a government shutdown grows closer.

Dow Jones industrial futures are down 13 points to 15,273. S&P futures have lost 2.5 points to 1,690. Nasdaq futures are down 2.75 points to 3,210.50.

Aside from the political stalemate, the housing market is providing some optimism. KB Homes and Lennar, two major builders, posted huge numbers for their latest quarters this week and the S&P/Case-Shiller 20-city home price index found home prices rose 12.4 percent in July.

The Commerce Department reports new home sales numbers on Wednesday.

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