Stock futures trade lower as election results are tallied

Stock futures trade lower as election results are tallied

U.S. stock futures were trading lower on Wednesday morning as investors awaited the outcome of the midterm elections and a major inflation update expected later in the week.

Major futures indices suggest a 0.2% decline when the opening bell rings on Wall Street on Wednesday morning.

Oil prices added to Tuesday’s declines.

U.S. West Texas Intermediate (WTI) crude futures were trading around $88.00 a barrel. Brent futures were trading around $94.00 a barrel.

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Voting place

Americans headed to the polls on Election Day. (iStock/iStock)

Prices have fallen 3% in the past on worries about demand stalling due to potential new lockdowns in major oil importer China as COVID-19 cases rebound.

All eyes were on the election, which could determine what is done in the next few years in Washington, and perhaps beyond.

Among the first results:

Republican Governor DeSantis, Senator Rubio won re-election in Florida.

Republican candidate JD Vance will beat Democratic U.S. House Representative Tim Ryan in the U.S. Senate race from Ohio, according to Fox News plans.

Georgia Governor Brian Kemp is re-elected and defeats Democrat Stacey Abrams.

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Elon Musk in a jacket with a phone displaying the Twitter logo behind him

In this photo illustration a Twitter logo seen displayed on a smartphone screen. (Photo Illustration by Sheldon Cooper/SOPA Images/LightRocket via Getty Images/Getty Images)

In Europe, the German DAX traded down 0.6%, the CAC 40 in Paris fell 0.3% and the UK FTSE 100 lost 0.2%.

In Asia, Tokyo’s Nikkei 225 index fell 0.6%, Hong Kong’s Hang Seng lost 1.2% and China’s Shanghai Composite index edged down 0.5%.

Teleprinter Security Last To change To change %
Me: DJI DOW JONES AVERAGES 33160.83 +333.83 +1.02%
SP500 S&P500 3828.11 +21.31 +0.56%
I: COMP NASDAQ COMPOSITE INDEX 10616.199987 +51.68 +0.49%

On Wall Street on Tuesday, the S&P 500 rose 0.6% to 3,828.11, while the Dow Jones Industrial Average climbed 1% to 33,160.83 and the Nasdaq composite gained 0.5%, to 10,616.20.

Traders working at the New York Stock Exchange

Traders on the floor of the NYSE. (Nicole Pereira/New York Stock Exchange via AP/AP Newsroom)

The big milestone for markets this week as US election day could be Thursday’s inflation report.

A weaker-than-expected reading on Thursday could give the Fed some leeway to ease interest rates a bit. Economists expect the report to show a continued slight moderation from a peak reached over the summer. But a worse-than-expected reading could have the opposite effect.

Bitcoin is trading around $18,000.

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The dollar slipped to 145.31 Japanese yen from 145.34 yen. The euro fell from $1.0074 to $1.0082.

The Associated Press contributed to this report.

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