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CNBC business news update. I'm Jessica Edinger. Wall Street opens Wednesday morning after a mixed election day of trading on Tuesday. Apple dragged the Dow lower, but chip stocks popped, helping the NASDAQ. Investors will spend time over the next few days examining election results and how that may impact their money.
The Dow fell 197 points on Tuesday. It was led lower by Sherwin Williams shares down 3%. The S&P 500 index up 27. The Nasdaq was up 207 points. That was 8/10en of 1%. The Nasdaq 100 is still in correction though, down 10% from its October high. Chipmaker AMD reported strong quarterly results after the closing bell.
Shares popped 5% on first reaction in after hours trading ahead of the earnings call. Better than expected results also from booking holdings. Drug maker Amgen was out with better results than forecast, but its fullyear outlook for adjusted earnings was lighter than expected. Stock didn't do much in after hours trading.
Investors have been all about AI, but how will the election results impact that? Here's a take from Morgan Stanley's Ariana Salvatore on CNBC. If you see by and large Republicans hold control, that's bullish for AI sentiment. By and large, conversely, if Democrats were to sweep um take both the House and the Senate, that's probably a negative.
Depending on the ultimate outcome of the election, US bank and bank investors are bracing for possible change. Here's CNBC's Leslie Picker. Since the 2024 election, almost every large American bank has outperformed the S&P's 32% gain over that time period. That comes amid 2 years of deregulation. And several banking CEOs have described the current backdrop for the industry as being quote as good as it gets.
JetBlue raising bag fees for the third time in a year. Airlines are regularly raising ticket prices all as jet fuel costs soar a result of the US war with Iran. Disney is expected to slash thousands of jobs. This is according to people familiar with the matter as first reported by Bloomberg. It would be the latest round of job cuts since Josh Dearo became CEO earlier this year.
Managers at Disney are reportedly being asked to cut their budgets by as much as 20%. Apple shares fell 2% Tuesday after quarterly results and concerns that margin is shrinking. It was Apple's third down day in a row. More open jobs in the US last month and the new Jolts report on job opportunity and labor turnover.
Here are CNBC's Sarah Eisen and Carl Kinttonia. 7.5 million looking for about 7.1 uh prior 7.1 as well. So a little bit of acceleration uh in jolts factory orders 18 pretty much in line. Now we just need to see job creation cuz that's kind of been the missing piece. It's been a little more sluggish.
Although you could chalk that up to the fact that the immigration policies have completely changed and so there's just not as many workers available as we've had in recent finance said hackers used fake job interviews, malicious software, and compromised internal AI tools to infiltrate its wallet infrastructure, leading to the record-breaking October 29th cyber attack that resulted in more than $6 billion dollar in assets being stolen from the world's largest crypto exchange.
change. You can see the full interview with the Binance CEO at cnbc.com and on the CNBC app on your phone. On Wednesday's watch list, we get earnings from McDonald's, Qualcomm, CBS Health, CCraft, Hines, Cava, and Novo Nordisk. We also get private company job hiring numbers from ADP and Wednesday night's Powerball jackpot, $835 million. Jessica Eringer, CNBC.
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