Wake Up Wall Street (SPY) (QQQ): Midterm elections crush volatility as Thursday CPI to reignite action
Here is what you need to know on Tuesday, November 8:
US midterm elections are here, and Deutsche Bank this morning posted that of the 19 midterm elections since WW2 all 19 of them have seen equities positive on a one-year time horizon post-election. Will this time be different?
Equities are making an effort to keep the bottom in as the Dow continues to lead, while the Nasdaq lags. No surprise given the tech wrecking ball that has hit earnings season, but Apple (AAPL) did manage to close higher on Monday as Meta Platforms (META) counted on news of job cuts. Oil prices have retraced a bit this morning as China is not imminently reopening as earlier communications had suggested. Oil is back to $91 now. Bitcoin is in a bit of a shake-up with the latest developments not giving much confidence to the sector. Bitcoin is down to $19,700 now. Gold is flat at $1,671.
European markets are higher: Eurostoxx +0.45, FTSE +0.6%, and Dax +0.4%.
US futures are higher: Dow and S&P 500 are both +0.25% and Nasdaq +0.4%.
Wall Street top news
Digital World Acquisition Company (DWAC) spikes in anticipation of President Trump running in 2024.
Apple (AAPL) closes green despite supply issues.
Stellantis (STLA) pauses all advertising on Twitter.
Norwegian Cruise Lines (NCL) beats on top and bottom lines.
Nvidia (NVDA) launches a chip that avoids export controls for China market.
Lyft (LYFT) sees lower forecasts as the stock falls sharply.
Palantir (PLTR) misses on EPS revenue ahead, but growth rates slow.
DuPont (DD) beats estimates and plans $5 billion share buyback.
SouthWest Gas (SWX) appoints new CFO.
Diamond Back Energy (FANG) reported earnings ahead of forecasts.
Mosaic (MOS) misses on earnings due to hurricane costs and lower fertilizer prices.
Take-Two Interactive (TTWO) lowers annual sales forecasts.
GAP (GPS) agrees to sell China business to Baozun.
Lordstown Motors (RIDE) gets investment from Foxconn.
Upgrades and downgrades
WSJ.com