Stocks edge mostly higher ahead of midterm elections in US
NEW YORK (AP) — Stocks are opening mostly higher on Wall Street as campaigning winds down for midterm elections in the U.S. that will determine which party controls Congress. The S&P 500 was holding on to a gain of 0.1% in the early going. Tech stocks lagged the market, pulling the Nasdaq slightly into the red. Apple fell after warning customers they’ll have to wait longer to get its latest iPhones after anti-virus restrictions were imposed on a contractor’s factory in China. Facebook’s parent company rose after the Wall Street Journal reported that the company plans to make a big round of layoffs this week.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
Wall Street futures advanced before the bell on the last full day of campaigning before Tuesday's U.S. midterm elections.
Futures for the Dow Jones industrials rose 0.5% and futures for the S&P 500 gained 0.4%.
Tuesday’s election will decide control of Congress and key governorships. History suggests the party in power may suffer losses in the midterms, and decades-high inflation has become a significant issue for the Democrats.
Apple dipped in premarket trading after warning customers they’ll have to wait longer to get its latest iPhone models —the iPhone 14 Pro and iPhone 14 Pro Max — after anti-virus restrictions were imposed on a contractor’s factory in central China.
Speculation late last week about a possible relaxation of China’s zero-COVID strategy has had a huge impact on markets. On Monday, Hong Kong’s Hang Seng index gained 2.7% to 16,595.91 and the Shanghai Composite rose 0.2% to 3,077.85.
There has been no official confirmation in China of a major change.
“Over the weekend, Beijing has dashed hopes of China re-opening in the horizon, by reasserting of zero-COVID policies. And...