November 29, 2022

Health & Fitness Journal

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US stocks fall as race for control of Congress still unclear By

2 min read

©Health & Fitness Journal.

By Liz Moyer – US stocks fell as the midterm election result remained unclear and many races were still too close.

As of 10:51 ET (15:51 GMT), the was down 275 points, or 0.8%, while the was down 0.9% and the was down 1.2%.

Officials from both major parties anticipate the possibility of a split government next year, with the House of Representatives tipping, albeit narrowly, in favor of Republican control. That would increase the likelihood of a deadlock, making it harder to pass major policies.

In the past, such a situation with a Democrat in the White House boded well for stocks.

The S&P 500 has risen after the mid-term vote every year since World War II, Health & Fitness Journal reported, citing Deutsche Bank.

Thursday’s October inflation data is another catalyst for stocks as investors scramble to read what the Federal Reserve might do with interest rates after its December meeting. Analysts expect the annual pace of increases to slow over the last month, which could give the Fed reason to slow the pace in its own interest.

Data on this will be released tomorrow amid signs that the job market is still tight, although companies continue to announce job cuts. Meta Platforms Inc (NASDAQ:), for example, will cut 13% of its workforce, or 11,000 employees. Shares of the Facebook parent company rose 7%.

Tesla (NASDAQ:) shares fell 1% after CEO Elon Musk announced the sale of an additional $3.95 billion of his shares in the electric vehicle maker in the days following his purchase of social media platform Twitter.

Shares of The Walt Disney Company (NYSE:) fell 11.5% after the film studio and theme park operator announced losses from its streaming video operations, despite gaining more subscribers than expected.

oil fell. fell 2.4% to $86.77 a barrel while declining 2.2% to $93.29 a barrel. was flat at $1,714.

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