Dow sinks 600 points amid post-election decline while cryptos extend losses after Binance nixes FTX deal

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Congress is considering banning its members — and their family members — from trading stocks.Kolderal via Getty Images

  • US stocks tumbled Wednesday as Republicans appeared to underperform Wall Street’s views for the midterm elections.

  • Cryptos faced more downward pressure as Binance confirmed it will walk away from a deal to take over FTX.

  • Investors are also looking ahead to Thursday’s consumer price index report.

US stocks closed sharply lower on Wednesday as markets contended with more midterm election results and broader turmoil in cryptos.

Control of Congress remains too close to call, and although Republicans are still favored to take a majority in the House of Representatives, they appeared to underperform Wall Street’s expectations.

Meanwhile, cryptocurrencies continued to sell off as Binance confirmed it will walk away from its proposed acquisition of FTX, one day after signing a non-binding letter of intent. FTX is also facing federal probes into how it handled client funds.

Investors are also looking ahead to Thursday’s consumer price index report, which could offer clues on how hawkish the Fed will be. According to JPMorgan, a big miss or beat could move the S&P 500 up or down as much as 6%.

Here’s where US indexes stood at the 4:30 p.m. closing bell on Wednesday: 

Here’s what else is happening today:

In commodities, bonds, and crypto:

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