Newsletter Nov 10, 2022

3 things you must know

Potentially divided government raises economic uncertainty
Potential Republican control of at least one chamber of Congress sets the stage for economically risky battles over federal spending limits and the government's response to 2023 recession threats. Results of Tuesday's election remain uncertain, with President Joe Biden's Democratic party performing better than expected with a chance to retain control of the Senate. The GOP had a better chance winning a majority in the House, which would likely complicate Biden's economic plans for his next two years in office.
THE TOP TAKEAWAYS FROM THE MIDTERM ELECTIONS

Stocks take a tumble in wake of incomplete election results
U.S. stocks plunged Wednesday after incomplete election results left the political makeup of Congress still to be determined. The Dow Jones fell 646.56 points to close at 32,514.27. The S&P 500 dropped 79.44 points to close at 3,748.67, and the Nasdaq Composite fell 263.03 points to close at 10,3353.17. Although Republicans have a slight majority the House, forecasts for a "red wave" to take control of Congress has not materialized, causing a potentially gridlocked government preferred by Wall Street.
MIDTERM ELECTION FALLOUT'S IMPACT ON WALL STREET

Tesla stocks tank following Musk's $4 billion share selloff
Tesla shares slid to their lowest level in nearly two years on Wednesday after CEO Elon Musk sold $3.95 billion worth of shares in the electric-vehicle maker. The shares were down 6.1% at $177.59 on Wednesday. Musk's latest share sale fueled jitters about the fallout of his Twitter buy. The latest sale brings the total of Tesla stock sold by Musk over the last year to about $36 billion.
WHY MUSK'S SELLOFF OF TESLA STOCK RAISES ALARMS

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Markets

DJIA	32,513.94	-1.95%
S&P 500	3,748.57	-2.08%
Nasdaq Composite	10,353.17	-2.48%
Japan: Nikkei 225	27,716.43	-0.56%
UK: FTSE 100	7,296.25	-0.14%
Crude Oil Futures	85.79	-0.05%
Gold Futures	1,708.00	-0.33%
Yen	146.28	-0.09%
Euro	1.00	0.05%
* As of market close

Trump votes for Desantis, fires 2024 salvo

After a poor showing in the midterm elections, former president and Florida resident Donald Trump said he voted for Florida Gov. Ron DeSantis but warned he "could hurt himself very badly" if he were to mount a presidential bid for the 2024 elections. "I don't know if he is running. I think if he runs, he could hurt himself very badly. I really believe he could hurt himself badly," Trump told Fox News. The former president, who as nicknamed his likely rival "Ron DeSantctimonious," also threatened to expose some dirt against his fellow GOP firebrand.

TRUMP HINTS AT 'VERY UNFLATTERING' INFO ON DESANTIS

Abortion rights groups claim wins in states

Abortion rights advocates claimed victory Wednesday after voters sided with protecting access to the procedure in several ballot initiatives, in a rebuke of the Supreme Court's June decision to overturn nationwide access. Voters in California, Vermont and Michigan strongly endorsed proposed state constitutional amendments guaranteeing the right to abortion. And in Kentucky, voters rejected an amendment that would have in effect made it impossible to challenge the state's ban.

STATE ELECTION COULD INFLUENCE FEDERAL PROTECTIONS

NASA scrubs Artemis I launch due to Nicole

NASA will once again postpone the upcoming test launch of its Artemis I rocket, the space agency announced Wednesday, as Hurricane Nicole approached the Florida coast. It marks the fifth time the launch has been delayed. The new launch date is set for Nov. 16. It had originally been scheduled for Monday. Hurricane Nicole is threatening the East Coast and is expected to hit as a Category 1 storm today.

GET THE LATEST DEVELOPMENTS ON HURRICANE NICOLE

Waiting game

What is the longest delay for a NASA mission that eventually launched?

Wednesday's answer: The Democratic Party held control of the House of Representatives for a record 40 years from 1955 to 1995.

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