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U.S. stocks plummeted Wednesday after three days of gains, as investors mulled over a mixed verdict from the midterm election results and highly anticipated inflation data looms on the docket. The S&P 500 (^GSPC) shed over 2%, while the Dow Jones Industrial Average (^DJI) fell by nearly 650 points, or roughly 2%. The technology-heavy Nasdaq Composite (^IXIC) dragged down by almost 2.5%, or 260 points. Investors’ optimism during stocks’ three-day rally was built on expectations that… Source link

This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe Thursday, November 10, 2022 Today’s newsletter is by Jared Blikre, a reporter focused on the markets on Yahoo Finance. Follow him on Twitter @SPYJared. Read this and more market news on the go with Yahoo Finance App. Cryptocurrency crashed on Wednesday, with most coins and tokens plummeting to multi-year lows. Bitcoin has lost one quarter of its… Source link

Tesla (TSLA) slipped today following disclosure of another stock sale from CEO Elon Musk, with the shares now down nearly 49% year to date. In a filing submitted with the SEC on Tuesday, Musk declared he sold around 19,500,000 shares over the course of three days in November, worth around $3.95 billion. The latest sale comes only a few days after Musk closed his deal to buy Twitter on October 27, in a deal worth $44 billion. It is unclear how much outside equity and personal money Musk has… Source link

The largest U.S. homebuilder offered up the latest examples of how quickly buyers are fleeing the housing market. Buyers canceled nearly a third of deals in D.R. Horton Inc.’s (DHI) fiscal fourth quarter, up from 19% a year ago, the Texas-based company said Wednesday. New orders declined 15% to 13,582 homes from a year earlier, down by 10% in value. The company is responding by walking away from land deals that don’t meet certain metrics as the market has shifted, writing off $34 million of… Source link

It wasn’t the shellacking many forecasters expected. Republicans seem likely to take control of the House of Representative from Democrats, once outstanding votes are counted. But the red wave Republicans hoped for didn’t materialize. If they do take control, Republicans’ majority may only amount to a few votes. Control of the Senate remains undetermined and could come down to a Dec. 5 runoff election between the two Senate candidates in Georgia. Democrats may feel vindicated. In midterm… Source link

Meta’s (META) supersized layoffs unveiled on Wednesday could serve up a major profit tailwind. “We believe Meta’s decision to lower the midpoint of FY23 total expense and capex guides by $1.5 billion and $1 billion, respectively, should provide a minimum 8% boost to FY23 EPS [earnings per share],” Jefferies Tech Analyst Brent Thill wrote in a note to clients. Meta said Wednesday it will slash 13% of its workforce, more than 11,000 employees, as it looks to redirect resources to Mark… Source link

Wall Street is growing more cautious on the outlook for corporate profits amid persistent inflation and rising interest rates, and Mr. Market may be starting to take notice. Down goes profits. Fourth quarter earnings estimates for the S&P 500 have tanked 4.9% since Sept. 30, according to new research from Credit Suisse strategist Jonathan Golub. Energy profits remain strong. The downward revisions have been most acute in the tech space as the sector deals with slowing growth, which has led to… Source link

Disney (DIS) stock plummeted on Wednesday after the media giant reported fourth-quarter earnings results that missed expectations across the board, with the exception of subscriber net additions. “A big part of the miss was really on the parks side,” Geetha Ranganathan, senior media analyst at Bloomberg Intelligence, told Yahoo Finance Live (video above), citing the parks’ consistent performance up until this quarter. “We were seeing them report some really, really stupendous numbers in terms… Source link

This article is part of our Yahoo DFS Basketball series. Get ready for a packed Wednesday in the NBA. There are 13 games on the schedule, leaving us with several intriguing matchups. Among the games with the earliest start times is a matchup between the Nets and Knicks in Brooklyn. The Knicks are coming off a win over the Timberwolves on Monday that improved their record to 5-5 for the season. The Nets are just 4-7, but they have been more competitive in their last few games. Another… Source link

The bloodletting in big tech continues after a year of slowing sales and profits along with de facto valuation resets at the hands of an aggressive Federal Reserve. Meta said Wednesday it will slash 13% of its workforce as it looks to redirect resources to Mark Zuckerberg’s metaverse project and appease angry shareholders. Meta stock popped 8% on the news, paring the year-to-date decline to 69%. Meta was the top trending ticker on the Yahoo Finance platform through early afternoon. Meanwhile, a… Source link