Stocks were lower on Wednesday — following recent market gains — as results of the midterm elections provided no clear answers about who would control Congress yet. The Dow fell 1.95%. The S&P 500 shed 2.08%. The Nasdaq plunged 2.48%.
The key Georgia senate race between Democrat Sen. Raphael Warnock and Herschel Walker, the Republican former NFL player,Georgia's Secretary of State Brad Raffensperger announced Wednesday that neither candidate will get 50% of the vote, the amount needed to win the seat under state rules. The runoff election will be held Dec. 6.
"If the trend continues to follow 3Q, it will decline an additional -3.5% through the beginning of reporting season and increase by 2.8% as companies report," Golub wrote.Lower revisions for tech stocks, as well as financial and cyclical stocks, drove the downtrend, all experience cuts of 12% to 15%, according to the note.AMC Entertainment reported quarterly earnings Tuesday evening that showed yet another quarterly loss despite higher revenue. Shares fell nearly 10% Wednesday.
The company also announced that it has sold 14.9 million shares of its preferred equity, or APE, since the program began in September through Nov. 8. They've raised $36.5 million in the sale at $2.44 per share on average. "In terms of what really matters going forward I think is more of the earnings season and then what the Fed is doing," AllianzIM's Johan Grahn said. "The election itself seems to have been kind of a dud in terms of market reaction, and clearly not the the strong wave that was being discussed before."
Inflation in the 1970s taught that "the Fed can't let inflation fester and expectations rise. If we back off for fear of a downturn, inflation comes back even stronger and requires even more restraint," he said.
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