US open: Stocks lower as Wall Street awaits midterm results

By Sharecast News

Sharecast News | 09 Nov, 2022

Wall Street trading kicked off with losses early on Wednesday as investors awaited clarity over the results of the midterm elections.

As of 1445 GMT, the Dow Jones Industrial Average was 0.79% lower at 32,898.07, while the S&P 500 lost 0.73% to 3,800.22 and the Nasdaq Composite came out the gate 0.80% weaker at 10,530.93.

The Dow Jones opened 262.76 points lower on Wednesday, taking a big chunk out of gains recorded in the previous session.

Market participants were looking for more details on which party had taken control of Congress, with most news outlets declining to project a winner in the House of Representatives. Some estimates suggest Republicans could win a total of 220 seats - making a narrow majority.

With the midterms almost over and down with, traders will now turn their attention to tomorrow's all-important CPI reading and inflation data as they hope to gain some further insight into the Federal Reserve's future plans for interest rates as the central bank attempts to cool down inflation.

On the macro front, mortgage applications fell 0.1% in the first week of November for a seventh consecutive weekly drop. According to the Mortgage Bankers Association, applications to refinance a loan were down 3.5%, while those to purchase properties rose 1.3%.

Still to come, September wholesale inventories data will be published at 1600 GMT.

In the corporate space, Facebook and Instagram owner Meta said on Wednesday that it will slash around 13% of its global workforce as it looks to cut costs. In a message to employees, chief executive Mark Zuckerberg said the company will be letting go of more than 11,000 people.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Procter & Gamble Co. (PG) $136.88 0.00%
Goldman Sachs Group Inc. (GS) $364.02 0.00%
Visa Inc. (V) $201.83 0.00%
Unitedhealth Group Inc. (UNH) $553.05 0.00%
Salesforce.Com Inc. (CRM) $147.10 0.00%
Amgen Inc. (AMGN) $292.39 0.00%
JP Morgan Chase & Co. (JPM) $131.55 0.00%
Boeing Co. (BA) $169.62 0.00%
Cisco Systems Inc. (CSCO) $44.61 0.00%
Verizon Communications Inc. (VZ) $37.87 0.00%

Dow Jones - Fallers

Unitedhealth Group Inc. (UNH) $553.05 0.00%
Honeywell International Inc. (HON) $0.00 0.00%
Dowdupont Inc. (DWDP) $0.00 0.00%
Walt Disney Co. (DIS) $99.90 0.00%
Johnson & Johnson (JNJ) $173.78 0.00%
Cisco Systems Inc. (CSCO) $44.61 0.00%
Merck & Co. Inc. (MRK) $101.50 0.00%
Coca-Cola Co. (KO) $59.60 0.00%
Microsoft Corp. (MSFT) $228.87 0.00%
Nike Inc. (NKE) $93.72 0.00%

S&P 500 - Risers

Snap On Inc. (SNA) $228.60 0.00%
ConocoPhillips (COP) $134.44 0.00%
International Flavors & Fragrances Inc. (IFF) $91.41 0.00%
Pinnacle West Capital Corp. (PNW) $68.29 0.00%
Medtronic Plc (MDT) $80.24 0.00%
AES Corp. (AES) $26.49 0.00%
Fleetcor Technologies Inc (FLT) $182.39 0.00%
Cerner Corp. (CERN) $0.00 0.00%
Verizon Communications Inc. (VZ) $37.87 0.00%
Fidelity National Information Services Inc. (FIS) $62.67 0.00%

S&P 500 - Fallers

Nasdaq 100 - Risers

Incyte Corp. (INCY) $76.69 0.00%
Align Technology Inc. (ALGN) $180.40 0.00%
Workday, Inc. (WDAY) $140.18 0.00%
Alphabet Inc. Class A (GOOGL) $88.90 0.00%
Amgen Inc. (AMGN) $292.39 0.00%
Microchip Technology Inc. (MCHP) $67.76 0.00%
Western Digital Corp. (WDC) $36.52 0.00%
Gilead Sciences Inc. (GILD) $82.23 0.00%
Hasbro Inc (HAS) $61.39 0.00%
Baidu Inc. (BIDU) $85.19 0.00%

Nasdaq 100 - Fallers

US open: Stocks lower as Wall Street awaits midterm results

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