Will the midterm elections hurt the market?
ICMA Retirement Corp. Senior VP Wayne Wicker and CFRA Research investment strategist Lindsey Bell on what’s causing the stock market to sell off and how the midterm elections will impact the market.
The Dow will take a run at a 5 session winning streak on Wednesday.
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Dow Jones futures were rising by 0.35%. The S&P 500 added 0.30% and the Nasdaq Composite was up 0.15%.
Stocks were little changed Tuesday after President Donald Trump announced that the U.S. would pull out of the Iran nuclear deal. The Dow edged slightly higher on the day.
The major averages had been down as much as two-thirds of a percent immediately following the 2pm announcement. Oil was a big mover, plunging as much as 4.4% before finishing down 2.4% on the Iran news.
The Dow Jones Industrial Average ticked 2.89 points higher, or 0.01%, to 24,360.21. The S&P 500 fell less than a point to 2,671.92. The Nasdaq Composite was up 1.69 points, or 0.02%, at 7,266.09.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 24360.21 | +2.89 | +0.01% |
| SP500 | S&P 500 | 2671.92 | -0.71 | -0.03% |
| I:COMP | n.a. | n.a. | n.a. | n.a. |
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According to Trump, the deal allowed Iran to continue developing nuclear weapons, and he called the country the “leading state sponsor of terror.”
Trump’s move raised the risk of conflict in the Middle East, upsetting European allies and casting uncertainty over global oil supplies.
Walt Disney shares were slightly higher in after-hours trading after the media giant reported higher earnings and revenue than expected.
Wednesday afternoon’s earnings highlight will come from 21st Century Fox, the parent company of FOXBusiness.com.
The economic focus will be on the first U.S. inflation-related report of the week in the Producer Price Index.
In Asia, Japan’s Nikkei index closed down 0.44%.
China’s Shanghai Composite Index dipped 0.1%.
Hong Kong’s Hang Seng was higher by 0.4%
FOX Business’ Charles Brady, Leia Klingel and Matthew Rocco contributed to this article..
