• The Dow Jones fell into the close, finishing down 647 points (-1.95%), snapping a three-day winning streak to finish near lows. Never trading in positive territory at best, it was down 96, at worst, it was down 682. An unexpected swing in the midterms spooked US markets, with uncertainty creeping back in for investors. The NASDAQ lost 263 points (-2.49%). The S&P 500 was down 80 points (-2.08%). In Europe, Stoxx 50 -0.3%, FTSE -0.1%, CAC -0.2%, and DAX -0.2%. SPI Futures are down 61 points (-0.87%) this morning.
• The US mega-cap tech rout has continued. Amazon, down 4.27% overnight, has become the first public company in the world to lose US$1 trillion in market value. Tesla stocks fell 7.17% overnight as Musk sold US$4bn worth of shares. Netflix was down 3.34%, and Disney fell 13.16%. Meta, on the other hand, heading in the right direction, was up 5.18% as it announced it would cut around 11,000 jobs to further invest in the Metaverse.
• In commodities, oil continued to fall overnight as US crude inventories rose alongside China's COVID struggle. Brent crude fell 3.06%, and WTI fell 3.57%. Base metals were mostly lower, but nickel managed to climb 3.07% and lead added 1.20%. BHP and RIO were down 2.34% and 1.97% in ADR terms. And gold dropped a little overnight, down 0.68%, after an astonishing run yesterday. 

Catch up on all the latest with Henry Jennings on today’s Pre-Market Podcast.

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