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CNBC business news update. I'm Jessica Edinger. Market open, Wall Street is rallying after yesterday's decisive victory by Democrats who won control of the House of Representatives and the Senate for the first time in 20 years. The Dow is up 1,12 points out of the gate. That's more than 2%. Amazon shares leading it higher.
They're up 6 and a half%. 3M shares are up 6 and a half%. Sherwin Williams up more than six%. Home Depot up 5%. The S&P 500 index adding 86 points now. That's more than 1%. The NASDAQ's up 270 points just about 1%. Chipmaker shares mostly in the red out of the gate. Micron down 4%. Cerebra Systems down 3% this morning.
Voters delivering a stinging rebuke to President Donald Trump and his economic record over rising prices. government corruption and the AI data center buildout. President Trump congratulating the Democrats, saying yesterday he looks forward to working with them. There are big implications for AI companies, defense stocks, data centers, and more.
Georgia Senator John Osaf spoke about Wall Street money and AI billionaires in his acceptance speech. He was reelected to the Senate last night. Humanity is fast forgetting the terrible lessons of two world wars and the Holocaust. Meanwhile, the titans of Silicon Valley dig bunkers for themselves and warned that the artificial intelligence they're creating risks human extinction.
Though we rightly celebrate tonight's historic victory, the fact is we've been too long mired in a small and selfish politics, bought by big money, unmed from fixed moral principles, and resigned to intractable division. Evercor's Roger Altman tells CNBC, "Democrats have a lot of work to do. They'll have a positive, clear, forward agenda, and that's what I think is it's incumbent on Schumer and Jeff and the new majorities to do." energy costs, ending the Iran war, tariffs, reclaiming Congress's prerogative, a secure and legal but more better immigration system, health care, restore, you know, the med restore the Medicaid cuts, add the Obamacare subsidies back in and so forth, child care and taxes.
Gold is back above $4,000 an ounce today, up almost 3%, heading for its best day since early August. Private companies added 86,000 jobs last month in the new ADP report on private hiring. That was more than expected. We get the Labor Department's big October jobs report on Friday morning. That will include government hiring.
CVS will split off its drugstore business from its health insurance business and a major breakup of the health care giant. It's poised to be one of the biggest corporate splits in history. Just about 10 years ago, the CVS chain bought Etna and the pharmacy benefit manager Caremark. The breakup comes as companies like Caremark face mounting bipartisan scrutiny in Washington and in individual states.
But the CEO told the Wall Street Journal that's not why the breakup is happening. Craft Hind says it's selling off its North American coffee business in a deal that values the unit at $650 million. The company is focusing more on its core packaged food and condiment business as it tries to turn around.
Craft hind shares were higher in early trading. McDonald's out with better thanex expected quarterly results, but investors are worried because traffic to the chain's US restaurants fell. Tonight's Powerball jackpot, more than threequarters of a billion dollars, sitting at 835 million. Jessica Edinger, CNBC.
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