Before the bell: Europe meets midterms with a shrug
SPY•European shares were set to open slightly lower after Democrats won control of both chambers of Congress. S&P 500 futures were down 0.1%, while Russell 2000 futures were up 0.3%.
1. European market outlook
European shares were set to open slightly lower on Wednesday as investors assessed the US midterm results. Scrutiny of AI companies and public opposition to data centres could draw attention to European technology stocks, while a rotation out of chips could benefit defensive sectors, including healthcare.
2. Company earnings and shares
Novo Nordisk’s Wegovy pill beat third-quarter sales forecasts, and traders expected its shares to open around 2% higher. BMW shares were expected to open lower after third-quarter pre-tax earnings met expectations, with substantial restructuring charges looming toward year-end. Tesla and SpaceX shares were among the weakest performers on Tradegate, each down around 5%.
