Stock Market Today: Stocks Snap Win Streak as Midterm Results Roll In
A continued selloff in cryptocurrencies and crypto-related stocks put pressure on the broader market today, too.


Stocks closed sharply lower Wednesday as several key midterm election races remained undecided. While it looks increasingly likely that Republicans will gain control of the House of Representatives, the Senate remains too close to call. Markets hate uncertainty, but the historical prognosis for stocks following a midterm has been positive – we'll explain more below.
Another headwind for stocks today was the continued selloff in cryptocurrencies and crypto-related stocks following Tuesday's news that crypto exchange Binance bought the non-U.S. assets of rival FTX. Bitcoin tumbled 11.0% to $16,190 (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.). Among equities, crypto exchange Coinbase Global (COIN) fell 9.5%, while online trading app Robinhood Markets (HOOD) slumped 13.8%.
This put pressure on the Nasdaq Composite, with the tech-heavy index falling 2.5% to 10,353. The broader S&P 500 Index (-2.1% to 3,748) and the blue-chip Dow Jones Industrial Average (-2.0% to 32,513) suffered significant losses, as well. Today's drop had the major market indexes snapping a three-day win streak.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Also on Wall Street's radar is tomorrow morning's consumer price index (CPI) for October. José Torres, senior economist at Interactive Brokers, is expecting the headline reading to be up 8.1% year-over-year, and core CPI, which excludes volatile food and energy prices, to be 6.6% higher. Another hot reading could push the Fed to keep monetary policy tight, Torres says, which would in turn pressure stocks.
Analysts Say Disney Remains a Buy After Earnings
Still, long-term investors shouldn't be overly concerned about this latest round of market volatility. "History has shown that during midterm election years, the equity markets tend to struggle heading into the fourth quarter, before rallying," says John Lynch, chief investment officer for Comerica Wealth Management.
Another encouraging data point from Lynch: "Since 1950, the average drawdown for the S&P 500 has been 17.0% in midterm election years. However, after reaching its trough, in the subsequent 12-month period, the Index has recovered by up to one-third on average." The S&P 500 has already exceeded this average drawdown in 2022, off 21.3% for the year-to-date, and while more losses could come, history shows that a significant rebound will eventually occur. This, says Lynch, underscores the importance for investors "not to be deterred by midterm election year volatility," as well as his "belief that the best course of action is to stay the course with long-term investment plan and remember the importance of 'time in' vs. 'timing' the market."
And the good news for investors is that following the stunning losses the equities market has seen this year, many high-quality stocks are trading at bargain-basement prices right now. Take Facebook parent Meta Platforms (META), for instance, with the former mega-cap tech stock down nearly 70% since the start of the year. Walt Disney (DIS) is another one. The Dow Jones stock fell 13.2% today after a dismal earnings report, but analysts agree DIS is still a resounding Buy. Here, we explain why.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
These Stocks Dipped in 2025. Do They Have Value?
If you are looking to add new long-term positions to your portfolio, as you should, this is the time to examine stocks that the market shuns.
-
Striking Gold (or Gas): A Financial Pro Unpacks the Nuances of Energy Investing
Investing in the energy industry, particularly oil and gas, involves understanding the facts about how projects generate returns through cash flow and long-term asset building, while also being aware of the risks.
-
Dow Adds 238 Points as UNH, CAT Pop: Stock Market Today
The lack of a September jobs report didn't seem to worry market participants, with the data delayed due to the ongoing government shutdown.
-
Stocks at New Highs as Shutdown Drags On: Stock Market Today
The Nasdaq Composite, S&P 500 and Dow Jones Industrial Average all notched new record closes Thursday as tech stocks gained.
-
S&P 500 Sees New Highs on Shutdown Day: Stock Market Today
Most of its components were in the red, but the S&P 500 Index still managed to hit a new intraday all-time high.
-
Stocks Close September on a High Note: Stock Market Today
A little bit of late risk-on behavior was enough to lift stocks into the green on the last day of September.
-
If You'd Put $1,000 Into Bank of America Stock 20 Years Ago, Here's What You'd Have Today
Bank of America stock has been a massive buy-and-hold bust.
-
Investors Take Stock of Shutdown Talk: Stock Market Today
Whether we'll have a Jobs Friday this week depends on if we have a government shutdown in Washington.
-
If You'd Put $1,000 Into Oracle Stock 20 Years Ago, Here's What You'd Have Today
ORCL Oracle stock has been an outstanding buy-and-hold bet for decades.
-
Dow Adds 300 Points, Ends Losing Streak: Stock Market Today
The Dow, the S&P 500 and the Nasdaq head into the weekend on high notes after posting gains for the first time since Monday.