US stock markets notch a huge comeback as government shutdown deal nears

If I had to try to pin down a catalyst for the comeback it would be the news on a few fronts:

1. More dovish UMich survey
2. Lower 1-year inflation expectations in the NY Fed survey
3. Signs of a deal on a US government shutdown

The thing is, that all hit around 10 am ET and the market didn’t bottom until two hours later. What I would highlight is that the bottom came almost right at noon ET, which is also when Europe closed.

On the shutdown point, Democratic Senate leader Schumer is saying they’re looking for a one-year extension on healthcare subsidies. That has added to some positive momentum.