• Facebook
  • LinkedIn
  • Twitter

maltawinds.comLogo

The Economy's Voice

Menu

Skip to content
  • Home
  • About
  • Local News
  • International News
  • Opinion
  • Demia on Sundays
  • Demeter
  • Business
  • Satire on Sunday
  • TWO WEIGHTS TWO MEASURES BY HEALTH AUTHORITIES
  • ‘Justice in rents starts with the real property value’

Wall Street set to open lower after election surge; Fed meet in focus

Posted by Vento on 10th November 2018 in International News

U.S. stock indexes were set to dip on Thursday, following a rally in the previous session that was spurred by relief after the midterm elections, with investor focus shifting to the Federal Reserve’s interest rate decision.

The S&P 500 futures ESc1 pointed to a 0.35 percent opening loss, with investors punishing shares of chipmaker Qualcomm Inc (QCOM.O) and generic drugmaker Perrigo Co (PRGO.N) after their weak forecasts.

Stocks gained more than 2 percent on Wednesday after Americans voted for a divided Congress, which was largely anticipated by investors who raised bets that it would be positive for stocks.

While it could make it harder for President Donald Trump to push through new legislations such as additional tax cuts, investors are hoping for compromise on policies such as increasing infrastructure spending.

Despite the dip in futures, which according to traders was natural after strong gains seen on Wednesday, investors are positive about the outcome.

“The general sentiment is I should be buying into a split Congress, because it probably means nothing will happen out of Washington,” said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York.

The Fed, which is set to release its rate decision at 2:00 pm ET, is expected to leave interest rates unchanged, but the statement that follows could lay the ground for a fourth rate hike in December and for the next year.

A steep selloff in October has taken the S&P 500 .SPX down 4.2 percent from its record high, with investors worried that the U.S. economy could gather more steam and encourage the Federal Reserve to raise interest rates further.

However, some of those worries were put to rest by Wednesday’s election results, which reduced the odds of further corporate tax cuts by the Trump administration.

At 8:49 a.m. ET, Dow e-minis 1YMc1 were down 64 points, or 0.24 percent. S&P 500 e-minis ESc1 were down 11 points, or 0.39 percent and Nasdaq 100 e-minis NQc1 were down 41.75 points, or 0.58 percent.

Qualcomm fell 8.1 percent in premarket trading after the chipmaker forecast sales revenue for the holiday shopping quarter below analysts’ estimates, as it took a hit from the loss of chip sales to Apple Inc (AAPL.O).

Perrigo Co (PRGO.N) dropped 10.0 percent after the company cut full-year earnings forecast on lowered expectations from its prescription pharmaceuticals.

TripAdvisor Inc (TRIP.O) jumped 7.5 after the hotel search website reported better-than-expected third-quarter profit.

Source: www.reuters.com

 

Posted in International News | Tagged stock market, USA, Wall Street

About the Author

Avatar

Vento

Related Posts

Bitcoin hits $1 trillion in market value as cryptocurrency surge continues→

A fabulous week for the world’s ultra-rich as stock market rally boosts their fortunes by US$209 billion→

Wall Street suffers biggest losses since 2008 crisis→

Global stocks tumble as coronavirus fears grow→

advertisement
  • Posts
  • Comments
  • Tag Cloud
  • TWO WEIGHTS TWO MEASURES BY HEALTH AUTHORITIES

    5th March 2021 / Reuben Buttigieg - President of ACE
  • ‘Justice in rents starts with the real property value’

    5th March 2021 / Vento
  • Northern Irish loyalist paramilitaries withdraw support for 1998 peace deal

    5th March 2021 / Vento
  • Agreement between the Government and MUMN regarding foreign public sector employees – Number of new conditions announced

    5th March 2021 / Vento
  • Trump to be allowed back on YouTube when ‘risk of violence’ decreases

    5th March 2021 / Vento
  • Avatar
    Joseph Tabone on In his final days as POTUS, Trump…Trump will be voted out…
  • Avatar
    Joseph Tabone on Moviment Graffitti in strong opposition to outrageous…Why the objections? If the…
  • Avatar
    Joseph Gatt on The government is committed to supporting Malta’s…Both the Business Start (B…
  • Avatar
    Hindi Lyrics on Nurse death toll from COVID-19 hits the…I have been looking for…
  • Avatar
    Mehfooz Roy on US Presidential Elections: Biden leads polls in…You really think sleepy Joe…
aviation banking Bitcoin blockchain Boris Johnson BOV brexit business China climate change COVID-19 cryptocurrency Donald Trump ECB economy Education environment EU euro area Europe European Commission European Parliament European Union Eurostat eurozone France Germany Government Infrastructure Malta investment Italy lockdown Malta maritime pandemic politics recovery restrictions technology travel UK United States US vaccine WHO

News Calendar

November 2018
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930  
« Oct   Dec »
Footer logo
  • Facebook
  • LinkedIn
  • Twitter
 




 
 
 

Copyright © 2016 MaltaWinds.com

Menu

  • About
  • Home