14:02
Traffic jam:   4
$
92.2628
99.7057

Stocks fall as midterm congressional results are released

9 November 2022
3039
2 min.
11
Stocks fall as midterm congressional results are released

Stock market on Wednesday

Major US stock exchanges are down on Wednesday amid the first results of the midterm elections for the US Congress. This is evidenced by data from the New York Stock Exchange.

The Dow Jones Industrial Average is down 276.82 points (0.83%) to 32,884.01 after trading opened. The S&P 500 index loses 34.49 points (0.90%) to 3,793.62 points. The Nasdaq electronic exchange index falls 123.52 points (1.16%) to 10,492.52 points.

News Corp (NASDAQ: NWS) is down 5%. The media company's net income declined 80% in the past quarter, due in part to weak results from its book publishing business.

AMC Entertainment (NYSE: AMC) shares are down 7.4%. The cinema chain operator reported a net loss for the twelfth consecutive quarter, although its July-September revenue beat analysts' expectations.

Shale producer Occidental Petroleum (NYSE: OXY) quadrupled its net profit in the third quarter, with revenue rising more than expected. Meanwhile, adjusted earnings were worse than the consensus forecast, causing the company's shares to fall 4.6%.

Tesla (NASDAQ: TSLA) is down 0.8%. Elon Musk reported selling about 19.5 million shares of the company he founded for a total of about $4 billion in the past three trading days. He began selling off the securities a week after closing the deal to buy Twitter (NYSE: TWTR).

Lucid Group (NASDAQ: LCID) Inc. increased its third-quarter net loss more than market forecasts and announced a new share offering worth about $1.5 billion. The company's stock price plunged more than 13%.

Meta Platforms (NASDAQ: META) gained 6.8 percent. The company officially announced that it was laying off more than 13,000 employees, or 11% of its workforce, as part of a cost-cutting program. At the same time, it lowered its spending forecast for 2023 to $94-100 billion from the previously expected $96-101 billion.

It is worth noting that the value of bitcoin is down 15.8%, falling below the $17,000 per coin mark for the first time since November 2020, trading data shows.

On 8 November midterm elections were held in the USA. The results were more moderate than expected for the Republicans. The Democrats could retain control of the Congressional Senate. At the same time, the Democrats' economic policy has not been successful over the last year. Inflation is at its highest level in 40 years and the risk of recession in 2023 remains.

Persons1 and Companies10 in the news

CEO of Tesla
1 place
Meta Platforms
1 place
Lucid Motors
2 place
News Corp
3 place
Nasdaq
5 place
Dow Jones
6 place
X (Twitter)
7 place
Tesla
8 place
Section:
Source foto:
flickr.com

Discussion

Rating companies
Tesla
14 Mention
Instagram
13 Mention
JP Morgan Chase
12 Mention
Walt Disney Company
12 Mention
Ford Motor Company
10 Mention
Netflix
10 Mention
Amazon
9 Mention

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director
Population
8112867808
Died this year
14414506
Born this year
35462236