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Markets cool after the monster midterm rally, Musk's stocks under pressure
CNBC • • business
Key Points:
- Wall Street futures are mixed following the Dow's best day since April 2025, which surged over 1,500 points due to the Democrats' decisive midterm victory and a sharp drop in oil prices.
- The plunge in oil prices, with Brent and WTI down over 8%, was linked to the Trump administration acknowledging the Iran war's impact on Republican losses.
- Tesla and SpaceX shares declined over 3% amid fallout from Elon Musk's failed $474 million election bet, reducing his political allies and complicating business prospects.
- Qualcomm shares dropped over 9% after missing Q4 smartphone chip sales estimates, prompting several major banks to lower price targets despite CEO Cristiano Amon denying a demand issue.
- Cryptocurrencies showed cautious gains around $80,000 for Bitcoin as investors consider how a Democratic-controlled Congress might affect crypto regulation, with experts expecting no immediate major changes.
