Stock futures trade lower as election results are tallied

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Election Day 2022: Kenny Polcari says Wall Street expecting split Congress

KPMG chief economist Diane Swonk and SlateStone Wealth chief market strategist Kenny Polcari discuss how the results 2022 midterm elections could affect the investment landscape on ‘The Claman Countdown.’

U.S. equity futures were trading lower early Wednesday morning, as investors awaited the outcome of the midterm elections and a major inflation update due later in the week.

The major futures indexes suggest a decline of 0.3% when the opening bell rings on Wall Street on Wednesday morning.

Oil prices were adding to Tuesday's declines.

U.S. West Texas Intermediate (WTI) crude futures traded around $88.00 a barrel. Brent crude futures traded around $94.00 a barrel.

MIDTERM ELECTIONS 2022: LIVE UPDATES

Americans went to the polls on Election Day. (iStock / iStock)

Prices slid 3% in the previous on worries about demand stalling on potential new lockdowns in top oil importer China as COVID-19 cases rebound.
 

All eyes were on the elections, which could determine how much is done in the next several years in Washington, and possibly beyond. 
 

Among early results:

Republicans Gov. DeSantis, Sen. Rubio won re-election in Florida.

Republican candidate JD Vance will defeat Democratic U.S. House Rep. Tim Ryan in the Ohio U.S. Senate race, Fox News projects. 
 

Georgia Gov. Brian Kemp wins re-election, defeats Democrat Stacey Abrams.

ELON MUSK SOLD ALMOST $4B OF TESLA SHARES IN TWITTER TAKEOVER

In the days following Elon Musk's $44 billion purchase of Twitter, the billionaire sold almost $4 billion in Tesla stock. Musk sold a total of 19.5 million shares between Nov. 4-8, according to regulatory disclosures.
 

In this photo illustration, a Twitter logo seen displayed on a smartphone screen. (Photo Illustration by Sheldon Cooper/SOPA Images/LightRocket via Getty Images / Getty Images)

In Asia, Tokyo's Nikkei 225 index slipped 0.2%, the Hang Seng in Hong Kong also shed 0.2% and China's Shanghai Composite index edged 0.1% higher.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES33160.83+333.83+1.02%
SP500S&P 5003828.11+21.31+0.56%
I:COMPNASDAQ COMPOSITE INDEX10616.199987+51.68+0.49%

 

Tuesday on Wall Street, the S&P 500 rose 0.6% to 3,828.11, while the Dow Jones Industrial Average climbed 1% to 33,160.83 and the Nasdaq composite gained 0.5%, to 10,616.20.
 

Traders on the floor of the NYSE. (Nicole Pereira/New York Stock Exchange via AP / AP Newsroom)

The important milestone for markets this week than U.S. Election Day may be Thursday’s report on inflation.

A softer reading than expected on Thursday could give the Fed leeway to loosen up on interest rates a bit. Economists expect the report to show a continued, slight moderation from a peak set during the summer. But a worse-than-expected reading could have the opposite effect.
 

Bitcoin is trading around $18,000.

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The dollar slipped to 145.31 Japanese yen from 145.34 yen. The euro rose to $1.0082 from $1.0074.
 

The Associated Press contributed to this report.

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