U.S. equities ended Wednesday in the red under pressure from lower-than-expected quarterly results, as well as sale movement in cryptocurrencies.
Walt Disney and News Corp reported results, both of which fell short of analyst estimates, with bitcoin falling below $17,000 for the first time since 2020.
The S&P 500 benchmark slowed down the gains of the past three days, falling 2.08% to 3748.57 points, with all 11 sectors in red. The tech Nasdaq Composite fell the most, losing 2.48% 10.353.17 points, while the Dow Jones Industrial Average retreated 1.95% to 32.513.94 spots.
After the US midterms showed a different result than polls predicted, indicating a clear Republican victory, investors are now looking to US inflation data for October for clues about the Fed’s next monetary policy moves.
“Elections matter, but there are other factors that are more important to markets and the economy,” Keith Lerner of Truist Wealth told Bloomberg. “Inflation, interest rates, monetary policy, the economy and quarterly results will continue to have the biggest impact on markets over the next year,” he added.
