Stock futures trade lower as election results are tallied
U.S. stocks closed higher across the board on Tuesday as Americans cast their votes in the midterm elections
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U.S. equity futures were trading lower 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 0.2% 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.
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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 Europe, Germany's DAX traded 0.6% lower, the CAC 40 in Paris was 0.3% lower and Britain's FTSE 100 shed 0.2%
In Asia, Tokyo's Nikkei 225 index slipped 0.6%, the Hang Seng in Hong Kong shed 1.2% and China's Shanghai Composite index edged 0.5% lower.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 38239.66 | +153.86 | +0.40% |
| SP500 | S&P 500 | 5099.96 | +51.54 | +1.02% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15927.900321 | +316.14 | +2.03% |
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.