Forex Analysis & Reviews: 09.11.2022 - US premarket on November 9:...

Live Chat

InstaForex - Official partner of Dragon Racing

This section features the most important information about trading with InstaForex. We provide both analysis from leading experts for experienced traders and articles on trading conditions for beginners. Our services will help increase your profit potential.

Become Trader

Account Opening

See also

Trading Conditions

Forex Analytics

Charts

This section is designed for those who are just starting their trading journey. InstaForex educational and analytical materials will meet your training needs. Our experts' recommendations will make your first steps to trading success simple and clear.

Start as Beginner

How to start trading

Useful information

Training and recordings

InstaForex innovative services are an essential element of productive investment. We strive to provide our clients with advanced technical capabilities and make their trading routine comfortable as we are recognized as the best broker in this regard.

Become Investor

PAMM System

ForexCopy System

Passive investments

OYS account

Partnership with InstaForex is beneficial and top-tier. Join our affiliate programs and enjoy bonuses, partner rewards, and the possibility to travel with the team of the world-renowned brand.

Become Partner

Main Page

Partner Area

Advantages for Affiliates

Registration

This section contains the most lucrative offers from InstaForex. Receive bonuses when topping up an account, compete with other traders, and get real prizes even when trading in a demo account.

All Promo Campaigns

Bonuses

Contests

Events

Holidays with InstaForex are not only pleasant but also useful. We offer a one-stop portal, numerous forums, and corporate blogs, where traders can exchange experiences and become successfully integrated into the Forex community.

Full details

Forums

We are in social networks

Forex humour

Forex Portal

InstaForex is an international brand created in 2007. The company provides services for online FX trading and is recognized as one of the world's leading brokers. We have won the trust of more than 7,000,000 retail traders, who have already appreciated our reliability and focus on innovations.

Learn More

History

Why Choose Us

InstaSport

Regulation

Company News

Awards

InstaForex Stars

InstaForex Offline

Key documents

Social Responsibility

InstaForex - Official partner of Dragon Racing

09.11.2022 02:18 PM

US premarket on November 9: US stock market declines after first midterm elections results

On Wednesday, futures on the US stock indexes fell at the beginning of the trading session but then managed to recoup most of the losses. Corporate reports from a number of companies still point to the US economy sliding into recession, which has not even officially begun in the country yet. Interim elections also did not lead to a 100% victory of the Republican party, which investors hoped for, so the game of nerves starts in the market again.

Futures on the Nasdaq 100 and S&P 500 indices are trading slightly lower, losing 0.2% and 0.3% respectively. Corporate reports from News Corp. and Walt Disney Co. contributed to the downside, with each stock down at least 8% in the premarket. The sell-off in the crypto market also continues and has only intensified after news that Binance is buying FTX. Oil has fallen in price due to a sluggish demand outlook from China.

Meanwhile, many stock and bond investors were hoping for a Republican return to Congress, and the best outcome was seen as the Republican Party gaining control of both the House and the Senate. However, this has not happened. While the Republicans still have a good majority in the House of Representatives, the number of seats they have in the Senate is not so encouraging. Now we should wait for a new vote count and new reports.

The Republicans need to regain control of both houses, which would clearly be a devastating blow to the Democrats and Biden, who could no longer make major decisions in office for the next two years without Republican support and approval. A divided House and Republican victory could mean that the bipartisan battles over spending and the national debt ceiling will now not be as dramatic or fierce as they once were. However, this is unlikely to noticeably improve the political outlook. Instead, attention is likely to return to the Federal Reserve and the U.S. economy, along with record-high inflation.

The final result of the midterm elections may be revealed within several days or even weeks, especially if the losing side challenges the results.

Meanwhile, the European stock market fell for the first time in four days because of problems with companies in the travel and automotive industries. The cryptocurrency market also continued its decline, with bitcoin hitting another yearly low as the potential takeover of rival exchange FTX by Binance Holdings Ltd. showed how tensions in the digital asset industry are damaging some of its leading players. Bitcoin lost more than 15.0% overnight and continues to decline.

As for the S&P 500 index, after the price pulled back to the upside yesterday, it plummeted. Bulls need to protect the support of $3,808. While the instrument is trading above this level, demand for risky assets is expected to return amid the lack of important statistics from the US. It may strengthen the index and fix the price above $3,835, pushing it toward $3,861. If this level is broken through, we may see an upward correction to the resistance of $3,905. The next target is located at $3,942. If the price declines, bulls will need to show some action near $3,808 and $3,773. If those levels are pierced, the index may plummet to $3,735 and $3,699, opening the way to a new support of $3,661.

You have already liked this post today

*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.