Wall Street in Online News & the Economy

US Stocks Tumble Amid Crypto Market Upheaval

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Wall Street stocks tumbled Wednesday, with the Dow dropping nearly 650 points, as markets digested US election results and monitored upheaval in the cryptocurrency market. news online

After three straight positive sessions, stocks were in the red the whole session after US midterm elections.

Analysts said divided control of Washington — a scenario generally favorable to stocks — still appeared likely, even though Republican gains were smaller than expected.

The declines in equities came amid anxiety ahead of Thursday’s pivotal consumer price report and as a big drop in bitcoin and other digital currencies raised worries about margin calls.

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“What’s going on in crypto markets is leaking out into equity markets,” said Art Hogan, analyst at B. Riley Financial.

The Dow Jones Industrial Average lost 2.0 percent to finish at 32,513.94.

The broad-based S&P 500 fell 2.1 percent to 3,748.57, while the tech-rich Nasdaq Composite Index slid 2.5 percent to 10,353.18.

Among individual companies, Disney plunged 13.2 percent after reporting weaker-than-expected results as losses at the company’s streaming services more than doubled the quarterly operating loss to $1.5 billion.

The results also weighed on other media stocks, including Paramount, which sank 6.3 percent and Fox, which dropped 3.5 percent.

Facebook-parent Meta jumped 5.2 percent as it announced it will lay off more than 11,000 of its staff as ad-supported tech firms like Facebook and Google face macroeconomic headwinds.


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