My top 10 things to watch Wednesday, Nov. 4 1. Were the midterms a clearing event on Wall Street? Enough big money was waiting for the election to come and go that it might serve as such, even as the Democrats taking the House and Senate was seen as bad for the AI trade. Futures tell the story, with the Dow heading for a sharply higher open and the Nasdaq poised for a modest open. Nasdaq futures had been over 2% last night. 2. The election was, in many ways, a referendum on the AI buildout. While there were very few actual moratoriums, the Democratic sweep embodied voter frustrations over the proliferation of data centers. Slowing the buildout could actually be very good for the stocks of well-entrenched companies. Is that what the market is saying with this morning's rallies in Microsoft and Amazon ? 3. Advanced Micro Devices has given up last night's big post-earnings gains, with chip stocks under pressure. That, however, doesn't take anything away from the stunning quarter AMD delivered. It was so much better than…
Jim Cramer's top 10 things to watch in the stock market Wednesday
In short
Major technology players such as Microsoft and Amazon advanced in early trade, while networking provider Arista Networks jumped over 5% following an upbeat earnings release and raised guidance. Corporate updates were mixed elsewhere as AMD outpaced Intel in servers but cautioned against double-digit declines in upcoming personal computer shipments. Meanwhile, healthcare and consumer stocks saw significant restructuring and guidance revisions, highlighted by CVS Health's surprise announcement that it will split into two distinct companies.
Key points
- Democratic control of both congressional chambers served as a post-election clearing even…: Democratic control of both congressional chambers served as a post-election clearing event that drove broader stock futures into positive territory.
- CVS Health announced a formal plan to split into two independent entities even as its sto…: CVS Health announced a formal plan to split into two independent entities even as its stock dropped 4% following third-quarter results.
- Constellation Brands received an analyst adjustment to hold at Bank of America due to red…: Constellation Brands received an analyst adjustment to hold at Bank of America due to reduced immigration-related risks to its beer sales volumes.