U.S. stocks were solidly higher Monday afternoon, kicking off a busy week that includes midterm election results that will determine control of Congress and the latest read on inflation, as third-quarter corporate earnings season wraps up.
Vivien Lou Chen for MarketWatch:
Stock investors were looking ahead to Tuesday’s midterm elections with an upbeat attitude, assessing headlines over the potential for eventual talks between Russia and Ukraine, and bracing for the next major U.S. inflation update this week.
Markets moved on Monday “with some anticipation of the midterm elections tomorrow and we know there’s a very, very high chance that Republicans will take at least one chamber of Congress, which will be positive for markets,” said Dan Eye, chief investment officer at Pittsburgh-based Fort Pitt Capital Group, which oversaw $4.2 billion in assets as of September.
“We still have this big inflation report on Thursday and know that if the market moves the other way and things turn south, it’s because investors are looking to position conservatively ahead of the well-anticipated CPI (consumer-price index) report,” he said.
MacDailyNews Take: At last check, shares of Apple (AAPL) were up slightly (0.24%) despite the company warning of problems with the production of the iPhone 14 Pro due to CCP COVID lockdowns around Apple assembler Foxconn’s “iPhone City” factory complex in China.
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Buy on the rumor, sell on the news.
We’ll see how this plays out.