live
Live: Wall Street markets soar, oil falls 8 per cent after thumping Democrats' election win
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oil → soar → win
The Dow Jones index is up 3 per cent, and oil prices have fallen 8 per cent after the Democrats' big win in US elections.
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prices → fall → elections
Disclaimer: this blog is not intended as investment advice.
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blog → intend → advice
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Market analysts react to Democratic sweep in US midterms
What do market analysts think about the Democrats sweeping to majorities in both the US Senate and House in midterm elections?
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Democrats → choose → elections
Let's find out.
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's → let → ?
It sets the stage for political gridlock for the remainder of Republican President Donald Trump's final term.
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It → set → term
Market reaction was swift as the results rolled in during Asian trading hours.
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results → roll → hours
AI-related shares tumbled across the region, while Treasury yields dipped, dragging the dollar lower.
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yields → relate → dollar
US stock futures fell sharply before paring losses.
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futures → fall → losses
CHRISTOPHER HODGE, CHIEF US ECONOMIST, NATIXIS, NEW YORK:
"The wave looks to be underway; the questions are how high, how wide, and what will the fallout be.
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fallout → look → ?
Economically, we still don't think the direct implications are huge.
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implications → think → ?
That doesn't mean that tonight won't have big implications.
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tonight → mean → implications
For one thing, Trump doesn't like bad news and seeing as how he personally selected many of the struggling candidates, he might be looking to change the narrative sooner rather than later.
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he → like → narrative
"A 'short and intense' campaign in Iran has been rumoured ... and that would certainly be a distraction.
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that → rumour → Iran
Presidents typically start making changes after midterms anyway and Trump could be looking for scapegoats.
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Trump → start → scapegoats
Secretary of Defense Hegseth comes to mind as a possibility.
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Hegseth → come → possibility
Bessent is another one to watch...
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Bessent → watch → ?
he may be looking for a graceful exit if he views the administration as a sinking ship.
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he → look → ship
"
JAKE DOLLARHIDE, CHIEF EXECUTIVE, LONGBOW ASSET MANAGEMENT, TULSA, OKLAHOMA:
"A Democratic sweep of Congress would put pressure on tech and potentially bring regulatory pressure on everything AI and possibly slow down the wild, wild west growth figures that we see daily and often take for granted.
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we → put → that
While Democrats rule Silicon Valley, tech CEOs are rooting for Republican victories tonight.
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CEOs → rule → victories
"Musk was the Hail Mary for Republicans leading down to the wire.
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Musk → lead → wire
Unfortunately, his large infusion of cash to back red states could not overcome higher utility bills, prices at the grocery store and prices at the gas pump."
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infusion → overcome → pump
MICHAEL ARONE, CHIEF INVESTMENT STRATEGIST, STATE STREET INVESTMENT MANAGEMENT, BOSTON:
"I don't think the big risk to markets is from the blue wave; it's investors overreacting to a blue wave."
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it → think → wave
MARK MALEK, CHIEF INVESTMENT OFFICER, SIEBERT FINANCIAL, NEW YORK:
"It’s a little early, but at the end of the day I think a lot of this was factored into markets.
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lot → ’ → markets
I expect a little bit of volatility overnight and into tomorrow, but I don’t think it’s that crazy, not anything out of the ordinary; 2016 was worse.
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2016 → expect → ordinary
I feel like the real excitement would have been if the Republicans had unexpectedly seen big gains."
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Republicans → feel → gains
Key Event
Blue wave floats market boats
Hello, I'm Daniel Ziffer from the ABC business team, and I'll be taking you through the morning on our business, finance and economics blog.
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I → float → blog
In midterm elections, Democrats won big.
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Democrats → win → elections
The left-leaning party now controls both houses of Congress in the US and won a swathe of races for governor and other positions, in elections held across the world's largest economy yesterday.
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party → lean → economy
Overnight, Wall Street indices reacted: with a rocket.
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indices → react → rocket
The broader S&P 500, which covers 500 of the largest listed companies in the US, was up 1.7% to 7,698 points.
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which → cover → points
These numbers are live, and trading is continuing; we’ll update you when there’s a firm closing price.
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we → continue → you
Our market is set to follow, with the ASX 200 futures index tipping a lift of +1.9% or 171 points to 9,027 points.
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index → set → points
There’s lots to get to, all of it news, analysis and information and none of it financial advice.
Let’s get started!
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’s → ’ → it
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