Stocks drift up and down ahead of election, inflation data

NEW YORK (AP) — Wall Street is drifting in early trading as Americans head to the polls to vote in midterm elections that are being heavily influenced by inflation. More data on that front arrives this week. On Thursday the government reports figures on consumer inflation, which has been running at the hottest rate in decades. The elections taking place in the U.S. could leave the government split between Democrats and Republicans, which could be positive for markets. The S&P 500 was little changed early Tuesday. The Dow rose slighlty and the Nasdaq fell slightly. Take-Two Interactive slumped after missing sales and profit targets.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

Wall Street is essentially flat before the opening bell Tuesday with Americans heading to the polls to vote in the midterm elections that are being heavily influenced by inflation, with more data on that front arriving this week.

Futures for the S&P 500 moved 0.16% higher, and the Dow Jones Industrial Average rose 0.13%.

Control of the U.S. House and the Senate are up for grabs with huge numbers of voters expected to turn out, potentially leaving the U.S. government split between Democrats and Republicans.

“Look for markets to trade political headline spin rather than substance," Stephen Innes of SPI Asset Management said in a commentary.

Every seat in the U.S. House of Representatives is up for election this year, along with about a third of the U.S. Senate. On the line is control of both houses of Congress, currently under Democratic leadership.

Voters are also electing governors in most states. They’ll be in office in 2024 when the next presidential election happens and could affect election laws or vote certifications. Many state legislative and local authorities...