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Stocks dropped at the opening on Thursday as investors looked beyond the deal agreement in Washington to reopen the government and raise the debt ceiling in order to avoid a debt default.
The Dow Jones Industrial Average was 133 points lower in early morning trading.
IBM was the biggest laggard on the blue-chip index after the tech company posted a 4-percent drop in third-quarter revenue, disappointing expectations, amid a hardware decline and emerging market weakness.
The S&P 500 and the Nasdaq also slumped at the open. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 15.
"The muted market reaction to the agreement reached by Congress likely in part reflects: i) that investors remained confident that a deal would ultimately be reached to avert default and as such it is no surprise, and ii) that the agreement is only a short-term solution," said Derek Halpenny, the European head of market research at Bank of Tokyo-Mitsubishi, in a research note.
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