US stock markets opened sharply higher on Wednesday, with the Dow surging over 1000 points following the US midterm elections, while oil prices swung …
1/5US market opening: US stock markets opened sharply higher on Wednesday, with the Dow Jones Industrial Average surging over 1,000 points, or 2%, as investors reacted to Democrats winning control of both chambers of Congress in the US midterm elections. The S&P 500 and Nasdaq Composite also advanced 1.1% each. The election outcome is expected to pave the way for a divided government, while investors also assessed fresh corporate earnings and economic data.
2/5US economic data: US markets will track preliminary third-quarter productivity and costs data, due at 8:30 am ET on Thursday, November 5. Weekly jobless claims for the week ended October 31 will also be released, with the previous reading at 197,000 against 194,000. Cleveland Fed President Beth Hammack and Dallas Fed President Lorie Logan are also scheduled to speak.
3/5US midterm elections: Opponents of data centres emerged among the biggest winners in the Democrats’ sweeping victories in the US midterm elections. The results point to a possible shift in public sentiment towards artificial intelligence and the infrastructure supporting its expansion. Investors said the outcome could also signal a slowdown in the data centre boom, which has helped drive US economic growth and stock market gains.
4/5Crude oil: Oil prices swung on Wednesday November 4, after two days of declines, as traders tried to read mixed signals on the US-Iran peace talks. Brent crude traded at $104.27 a barrel in early Asian hours, having closed below $104 on Tuesday. The US West Texas Intermediate (WTI) hovered near $97 a barrel after moving through a range of roughly $5 on Tuesday.
5/5FII-DII: Foreign institutional investors (FIIs) were net buyers of Indian equities worth ₹7,284.03 crore on a provisional basis on Wednesday. Domestic institutional investors (DIIs), meanwhile, were net sellers, offloading equities worth ₹3,712.23 crore. The divergent flows indicate that foreign investors were net buyers while domestic institutions booked profits or reduced their equity exposure during the session. The figures are provisional and may be subject to revision.