Dow Jones Industrial Average (DJIA) Hit by Political Headwinds

the dow jones industrial average dropped about 29 pointsThe Dow Jones Industrial Average (DJIA) dropped about 29 points and closed at 17,930.67 on Thursday, November 3. The S&P 500 closed in the negatives for eight straight sessions as the market comes to terms with the fact that there may not be a clear winner in the race for the White House as expected earlier, and the result could go either way.

The latest NBC/The Wall Street Journal/Marist polls show that Donald Trump holds the advantage in the states of Arizona and Texas, and he is not far behind Hillary Clinton in Georgia.

Nasdaq lost about one percent (or 47 points) to close at 5,058.41.

The S&P 500 fell 0.4% (or about 9 points) to close at 2,088.66.  The losses in eight sessions in a row is the weakest performance by the S&P 500 since October 2008, when the markets had crashed after the Lehman Brothers bankruptcy.

DJIA fell by about 0.2% and traded with very low breadth, with only 11 stocks ending in green. Apple Inc. (NASDAQ:AAPL), Intel Corporation (NASDAQ:INTC), and Pfizer Inc. (NYSE:PFE) were the big losers.

Generic drug stocks suffered on reports that the Department of Justice (DoJ)may file charges in its generic-drug investigation by year-end. Shares of Mylan NV (NASDAQ:MYL) and Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) tumbled down by about seven percent and 10%, respectively. The DoJ’s probe is to examine drug pricing practices in the pharmaceutical industry.

There was a string of earnings reports after the closing bell.

Shares of GoPro Inc (NASDAQ:GPRO) crashed by about 20% in after-hours on account of missed earnings and lower guidance for the fourth quarter.

CBS Corporation (NYSE:CBS) shares gained over two percent in after-hours following the announcement that third-quarter results exceeded Wall Street expectations. The company also said that it was still in the early stages of exploring a merger with Viacom, Inc. (NASDAQ:VIAB).

Starbucks Corporation (NASDAQ:SBUX) ended the session in red. The company beat analysts’ earnings expectations for the fourth quarter, and the stock has gained over one percent in after-hours.

The market also continues to reel under the pressure of Brexit, as the High Court has ruled that Parliament must vote before the U.K. can begin the process of leaving the European Union. This adds more uncertainty to the British government’s plan to exit the EU.

Dow Jones Industrial Average (DJIA) continues to be under pressure with election day approaching and less clarity on the outcome. Moreover, Brexit news offers no respite as the UK court makes things difficult for the government. The markets would be looking forward to the jobs report today and may see a short rally. But Dow Jones is likely to trade with a lower bias and action in specific stocks.

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