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DAILY UPDATE: Stocks Fall as Balance of Power in US Congress Uncertain

November 10, 2022 9:18 AM

By Staff Reporters

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U.S. equities tumbled in the wake of yesterday’s U.S. midterm elections that failed to provide clarity on the political front.

U.S. stocks plummeted Wednesday after three days of gains, as investors mulled over a mixed verdict from the midterm election results and highly anticipated inflation data looms on the docket.

The S&P 500 (^GSPC) shed over 2%, while the Dow Jones Industrial Average (^DJI) fell by nearly 650 points, or roughly 2%. The technology-heavy Nasdaq Composite (^IXIC) dragged down by almost 2.5%, or 260 points.

Meanwhile, volatility in the cryptocurrency markets continued as Binance Holdings ditched its plans of acquiring FTX.com, which has experienced some liquidity issues. Earnings reports continued to trickle in, with Dow member Walt Disney Company missing Q4 expectations. In other equity news, Meta Platforms announced large-scale layoffs as the company tries to become a more leaner communication services firm.

Treasuries were mixed, and the U.S. dollar was solidly higher, while crude oil prices fell, and gold saw some pressure. Economic news was light, with mortgage applications falling for a seventh-straight week.

Asia finished mixed following some Chinese inflation data, and Europe also diverged.

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