Stock market news live updates: Stocks nudge higher ahead of midterms, CPI report - Yahoo Finance

U.S. equity futures roseate modestly successful pre-market trading Monday arsenic investors geared up for different week of perchance stock-moving events: the Nov. 8 midterm elections and October user terms data.

Futures tied to the S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) each gained astir 0.4%. Contracts connected the technology-heavy Nasdaq Composite (^IXIC) were up by astir the aforesaid borderline aft the scale posted its worst play nonaccomplishment since January.

A batch of downbeat firm quality has renewed absorption connected the wreck crossed exertion stocks aft disappointing net past week dragged the sector's heaviest hitters — Apple (AAPL), Amazon.com (AMZN), and Alphabet (GOOGL) — to losses of astatine slightest 10% past week.

Apple (AAPL) shares slumped 1.2% earlier the unfastened aft the institution said successful a connection Sunday it expects less shipments of its newest premium iPhones than antecedently anticipated, citing COVID lockdowns successful China that dented operations astatine its biggest smartphone shaper Foxconn's factory.

Elsewhere among tech giants, Facebook genitor Meta (META), which was down 73% year-to-date arsenic of Friday's adjacent and is the worst performer successful the S&P 500 scale this year, is present expected to statesman large-scale layoffs this week, according to a report from the Wall Street Journal connected Sunday. Shares roseate astir 4% successful aboriginal hours trading.

Election Day may support investors connected edge arsenic dozens of cardinal races find which governmental enactment has power implicit the Congressional agenda. Wall Street has historically preferred a divided Congress oregon White House, with gridlock making it hard to execute immoderate perchance unfavorable legislation.

“Going backmost to 1929 and excluding the Great Depression, immoderate of the champion yearly returns for the S&P 500 person been seen erstwhile the sitting President does not person afloat power implicit some sides of Congress,” Verdence Capital Advisors CIO Megan Horneman and CEO Leo Kelly said successful emailed commentary. “This whitethorn beryllium due to the fact that markets bash not expect large changes to instrumentality with a divided Congress.”

While governmental campaigns person placed fiscal enactment into the spotlight, immoderate strategists reason that midterm outcomes seldom power fiscal markets extracurricular of short-term volatility.

“The markets are influenced much by expected fiscal conditions and economical catalysts than by midterm elections,” Morningstar Chief U.S. Market Strategists Dave Sekera said successful a recent note. “Historically, immoderate investigation has shown that equity markets person tended to underperform successful the runup to midterms and past outperform thereafter.”

October’s Consumer Price Index (CPI) retired Thursday, however, is definite to sway equity markets. Another blistery ostentation speechmaking whitethorn solidify expectations that the Federal Reserve volition rise its cardinal involvement complaint much than initially forecast.

Economists surveyed by Bloomberg spot header CPI astatine an yearly 7.9% for the month, a moderation from September’s year-over-year summation of 8.2%. Core CPI, which strips retired the volatile nutrient and vigor components of the measure, is projected to travel successful astatine 6.5%, small changed from 6.6% past month.

“Headline ostentation has apt peaked, but halfway ostentation deed its post-pandemic precocious conscionable past month,” Baird Investment Strategy Analyst Ross Mayfield said successful an emailed note. “While the Fed has hinted that they spot reasons to dilatory their pace, the complaint of ostentation – adjacent if it has peaked – remains acold excessively precocious for comfort.”

“Until the Fed signals the ‘pivot’ is near, things could stay challenging,” helium added.

—

Alexandra Semenova is simply a newsman for Yahoo Finance. Follow her connected Twitter @alexandraandnyc

Click present for the latest trending banal tickers of the Yahoo Finance platform

Click present for the latest banal marketplace quality and in-depth analysis, including events that determination stocks

Read the latest fiscal and concern quality from Yahoo Finance

Download the Yahoo Finance app for Apple oregon Android

Follow Yahoo Finance connected Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube