US stocks closed this Wednesday in the red, affected by lower-than-expected quarterly results and also pressure The “selling” movement in digital currencies.
Walt Disney and News Corp. reported results, both of which lack analyst estimates, while Bitcoin plunged below $17,000 for the first time since 2020.
The S&P 500 benchmark put a brake on the rally of the past three days, having fallen 2.08% to 3748.57 points, with all 11 sectors marked in red. The Nasdaq Technology Composite Index was the biggest loser, returning 2.48% to 10353.17 point, while the Dow Jones Industrial Average fell 1.95% to 32,513.94 splatter.
After the US midterm elections showed a different result than polls expected – which indicated a clear victory for Republicans – investors are now looking at inflation data for October in the US, hoping for clues about the Fed’s next steps in terms of monetary policy.
“The elections are important, but there are other factors that matter more to markets and the economy,” Keith Lerner of Trust Wealth told Bloomberg. He added that “the path of inflation, interest rates, monetary policy, the economy and quarterly results will continue to have the greatest impact on the markets over the next year.”
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