Stocks Sharply Lower as Political Gridlock Sets In

Wall Street is awaiting the results of Senate races in Arizona, Nevada, and Georgia

Managing Editor
Nov 9, 2022 at 4:31 PM
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Stocks sold off today, falling victim to the likelihood of a political gridlock in Washington D.C. The Dow shed 646 points -- its worst single-session drop since Oct. 7 -- and snapped a three-day win streak in the process. Wall Street anxiously awaits the results of Senate races in Georgia, Arizona, and Nevada, while also weighing big moves from the likes of Walt Disney (DIS) and Meta Platforms (META). Also of note, Bitcoin (BTC) is sharply lower today, last seen down 14% at $16,090. 

Continue reading for more on today's market, including:

  • How put traders tripled their money with Splunk stock.
  • The biggest fallout from the Metaverse: mass layoffs.
  • Plus, vaccine stock in focus; more on Disney's earnings; and MA option activity.

The Dow Jones Industrial Average (DJI - 32,513.94) shed 646.89 points, or 2% for the day. Merck (MRK) was the Dow's only winner today, adding 0.09%. DIS paced the laggards with a 13.2% gap lower. 

The S&P 500 Index (SPX - 3,748.57) lost 79.5 points, or 2.1% for the day. The Nasdaq Composite Index (IXIC - 10,353.18) gave back 263 points, or 2.5% for the session.

Lastly, the Cboe Volatility Index (VIX - 26.09) added 0.6 point, or 2.2% for the session.

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5 Things to Know Today 

  1. A lot of congressional seats have been flipped. Republicans aren't as widely in control of the House of Representatives as many initially thought. (MarketWatch)
  2. Russian troops have been ordered to leave Kherson, the first area ceded by Ukraine's first region that was lost in the invasion. It's considered a massive development in the conflict. (Bloomberg)
  3. Vaccine demand is driving Novavax stock's direction.
  4. More on Disney's post-earnings slump.
  5. How options traders are playing Mastercard stock.

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Oil Prices Caught in Three-Day Skid

Oil prices fell for the third-straight day, taking their cues from an unexpected rise in U.S. domestic crude supplies. December-dated crude shed $3.08, or 3.5% to trade at $85.83 per barrel.

Gold prices took a breather today, but did nab a one-month intraday high in the process. December-dated gold added $2.30, or 0.1%, to settle at $1,713.70 an ounce.

 

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