Morning Report 10 Nov 22: US sharemarkets were weaker on Wednesday

There is uncertainty about the results of the midterm elections. Republicans are still favoured to win control of the House of Representatives. But the Senate race remains in the balance. Investors are now focussing on inflation data to be released on Thursday. Shares in Walt Disney fell 13.2% after the company reported more losses from its steaming video business. Shares in Meta Platforms rose 5.2% as the Facebook-parent said it would let go of 13% of its workforce, or more than 11,000 employees. Energy lost 4.9%. Weighing on investor sentiment was news that cryptocurrency exchange Binance had walked away from a bailout deal to acquire FTX. At the close of trade, the Dow Jones index was down by 647 points or 2.0%. The S&P 500 index fell by 2.1% and the Nasdaq index lost 263 points or 2.5%.

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