November 29, 2022

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Selling indices in the wake of the midterm elections

Indices closed on Wednesday with heavy losses Wall StreetAfter three consecutive bullish sessions and as developments in the US midterm elections do not currently provide a clear picture of Which party will control Congress?.

At the moment, it is estimated that the Republicans in the House of Representatives will win 221 seats, while the state of Georgia appears How will the future of the Senate be determined?with the two parties winning 48 of the total 100 seats.

He states that in order to achieve a majority, 218 seats in the House of Representatives and 50 seats in the Senate are required.

According to analysts, if the Republicans can win one of the congressional bodies, then it is expected that there will be major changes in Washington, as well as changes in terms of Fiscal spending, Federal Reserve policybut also subsidizing energy companies.

If only the Senate Democrats were victorious, there would be a stalemate, which in the past was good for markets because it would limit the Government spending and new taxes Anything that may have a negative impact on the outlook for the economy. At the same time, investors are also waiting for the October inflation data in the US to be published on Thursday, which will give an insight into the position of the US central bank.

In this industrial climate Dow Jones It fell 646.56 points, or 1.95 percent, to 32,514.27, with Disney shares falling about 13 percent due to weak financial data for the third quarter.

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The Standard & Poor’s 500 It lost 79.44 points, or 2.08%, to close at 3,748.67 points, while Tech Nasdaq It sank 263 points, or 2.48%, to 10,353.17 points.

On the board, Meta Platforms stock rose about 5.6%, after Mark Zuckerberg ordered the layoffs of more than 11,000 workers in an effort to boost profitability.

Tesla shares recorded losses of about 7%, which in the past twelve months have lost more than 600 billion dollars in terms of capitalization, as a result of which their cost today is exactly 50% less than last year. Media giant News Corp. closed 6.23% lower.

He indicated an increase Return on the United States for 10 yearswhere it was formed in 4,136%While the two years fell by about three basis points to 4.645%.

In commodities, oil also posted heavy losses, with crude oil down 3.53% to $85.77 a barrel. Gold fell 0.37 percent to $1,709 an ounce.

In the foreign exchange market, the dollar was down 0.7% against the euro at $1,0031.

Read more financial news on Newmoney.gr

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