💰A bouncy trading day🗽

The equity market finished broadly higher, reversing earlier losses as investors paid attention to the US midterm election and upcoming inflation data. There was much news in the market, primarily to do with big tech. 

For one, Meta is possibly announcing a wide range of layoffs. This will likely reduce the workforce by thousands and could be announced by Wednesday. Then, we have the Covid-19 lockdown situation in Apple’s assembly plan as the shipment is affected drastically. This resulted in Apple to announced lower than expected iPhone 14 shipments for the quarter. 

🎢Mid-term election overhang🗽

The mid-term election results tend to be the critical obstacles towards the equity market, given that stocks tend to rally once the election is over. Analysts are now expecting the Republican party to win the House of Representatives, while the Senate race is too tight to have a call. 

Investors are trying to interpret what different election results could mean for the stock market. Some called a split congress or a situation of gridlock a favourable condition for US equity. After all, this means that higher taxes policies are unlikely to be passed, which is seen as a positive uptick for stocks. 

📮What’s on the menu today?📖

As investors braced for the election drowsiness, there is little data for the day.