US stocks glided higher on Wednesday after Democrats won control of both chambers of Congress in a seismic midterm election, paving the way for a divided government.
The Dow Jones Industrial Average (^DJI) rose 2.1%, while those on the S&P 500 (^GSPC) climbed 1.5%. The Nasdaq Composite (^IXIC) traded up by 2%.
AMD (AMD) stock fell slightly following the company’s Q3 earnings beat.
Markets swiftly repriced a Democratic sweep of the House and Senate — and the potential for ballot measures and newly elected officials to restrict data center construction. Chip stocks, including Nvidia (NVDA) and Micron (MU), fell more than 1%. Meanwhile, other parts of the tech sector offset some of those losses with Apple (AAPL) and Microsoft (MSFT) each hitting all-time highs.
Investors will also be watching for policy actions on housing and pharmaceuticals in the aftermath of the election.
As Yahoo Finance’s Jared Blikre pointed out on Tuesday, midterm elections have a history of shaping stock performance in the near term but don’t move markets much over the long term.
The economic calendar for Wednesday features S&P and ISM data on economic activity indexes, while ADP’s private payrolls will offer a glimpse at the state of the “low hire, low fire” labor market.
Earnings reports from Arm Holdings (ARM), McDonald’s (MCD), Qualcomm (QCOM), Novo Nordisk (NVO), and Uber Technologies (UBER), and more, meanwhile, offer alternative data points on the health of the consumer and AI demand.
This article originally appeared on Yahoo Finance at https://finance.yahoo.com/markets/live/stock-market-today-dow-sp-500-nasdaq-midterm-elections-earnings-140752043.html yahoo.com/news Top Stories
