Traders work on the floor of the New York Stock Exchange (NYSE) on October 27, 2022 in New York City. Stocks continued their upward gains on Thursday, with the Dow rising nearly 400 points following a new GDP report that beat expectations.
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Stock futures were basically flat following recent market gains until Tuesday’s results Mid-term elections.
S&P 500 futures were 0.1% higher, while Dow futures were down 10 points. Futures for the Nasdaq 100 traded 0.2% higher.
The stock has been in gains for three straight days, so the pause could be due. The Dow rose 333 points on Tuesday, its third straight session of gains of more than 1%. The rise in stock markets can be attributed in part to elections in Washington, D.C., that Wall Street expects Republicans to win.
Morgan Stanley’s chief U.S. equity strategist, Mike Wilson, told CNBC’s “The closing bell“A divided government will help ease concerns about inflation and higher interest rates going forward.
“To get more support for this rally, we think we need to cut tariffs. … Tonight’s election could be very important in that sense, because it looks like they’re going to go the Republican way. That means gridlock, probably, less fiscal spending,” Wilson said.
The market’s recent upswing occurs on the front end of a strong seasonality. Historically, stocks rise after midterm elections and the policy clarity it brings, and the final two months of the year are considered a good time for investors.
One stock weighing on the future was Disney, which fell more than 6% in extended trading after the entertainment giant missed estimates on its top and bottom lines. Fiscal fourth quarter.