Election Day brought another tick higher for stocks on Tuesday as Wall Street braced for the results of the day’s midterm elections and a big update on inflation due later in the week.
Election Day brought another tick higher for stocks on Tuesday, as Wall Street braced for the results from the day’s midterm elections and a big update on inflation that’s due later in the week.
With Americans heading to the polls across the country amid high inflation and worries about a possible recession, analysts said investors appeared to be making bets for Republicans to gain control of at least one house of Congress. That combined with a Democratic White House could lead to little getting done in Washington, which may be bad for society but could also keep the status quo on economic policy. And markets tend to abhor uncertainty.
That’s why the more important milestone for markets this week than Election Day may be Thursday’s upcoming report on inflation. That data, which economists expect to show a fourth straight month of slowing gains from the summer’s peak, will likely carry much more influence over what the Fed does with rates.
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