Us stocks retreat -... Markets awaiting results??US Stocks Retreat as Markets Await Midterm Election Results
01:06 PM EST, 11/09/2022 (MT Newswires) -- US stocks declined after midday on Wednesday as investors awaited the outcome of midterm elections.
The S&P 500 fell 0.8% to 3,793.2, with the Dow Jones Industrial Average 0.9% lower at 32,850.1 and the Nasdaq Composite down 1.3% to 10,482.8.
With counts on elections still underway, Republicans appear on track to secure the House of Representatives, according to a research note from DA Davidson Wednesday. The Senate race remains a toss-up.
Meanwhile, China, the world's second-largest economy after the US, is locking down a second district in Guangzhou, with the government ordering another round of mass testing in the city, the note said, citing reports from Reuters.
"The mild moves are probably being driven by worsening (COVID-19) developments in China and perceived inflationary effects through supply chains even as the country's own (Consumer Price Index) inflation reading softened," Derek Holt, head of capital markets at Scotiabank Economics, said in a research note Wednesday.
West Texas Intermediate futures retreated 2.4% to $86.82.
Excluding inventories in the Strategic Petroleum Reserve, US commercial crude oil stocks rose 3.9 million barrels during the week ended Nov. 4, following a 3.1 million barrel decline in the previous week.
The 10-year yield fell 1.3 basis points to 4.12%, and the two-year rate declined 2.5 basis points to 4.65%.
The US Dollar index rose 0.6% to 110.26 intraday.
In company news, Meta Platforms (META) announced plans to lay off more than 11,000, or 13%, of its employees as the Facebook parent seeks to cope with a weak digital advertising market. Shares jumped 7% intraday, the most on the S&P 500 and the Nasdaq.
Walt Disney (DIS) said operating losses in its streaming segment reached a peak in the fiscal fourth quarter in which the global entertainment giant reported lower earnings than forecast as it continued to invest in Disney+. Shares sank 12%, the steepest decliner on the S&P 500 and the Dow.
Lucid Group (LCID) said it agreed to sell up to $600 million of its shares in an at-the-market offering. The electric automaker also reached a separate agreement under which majority stockholder Ayar Third Investment agreed to purchase up to $915 million of Lucid shares in one or more private placements until at least March 31. Shares of Lucid plunged 19%, the worst performer on the Nasdaq.
Gold was little changed at $1,715.9 per troy ounce, while silver was down 0.6% to $21.37 per ounce.
Price: 103.00, Change: +6.53, Percent Change: +6.77