Oil plunges $7.58 as Republicans blame Iran war for midterm losses
WTI crude fell $7.58, stocks and gold rallied as Republicans blamed the Iran war for midterm losses.
US midterm voting has been largely disruption-free as polls close in stages; markets are focused on House and Senate control, with the S&P 500 up 0.3%.
The US midterm elections are continuing with relatively little drama. Talk of false flags and martial law on election day has not become reality, and disruptions at polling places have been limited, and certainly have not been widespread.
Poll closings across the country are scheduled as follows. States that cross two time zones finish voting in phases, so early calls in Indiana and Kentucky will capture only part of the vote until the rest of each state finishes an hour later.
The first reading on the night will come from the early East Coast closings. For markets, the key issue is control of the House and Senate and what it implies for the fiscal outlook. Many House contests along the West Coast will take days to resolve, and California is especially slow to count votes. Should the House margin be narrow, do not look for a clear outcome before Europe's trading session.
Prediction markets put the Democrats' odds of controlling the Senate at 73% and of controlling the House at 93%. Those odds have moved only slightly today as figures on registered voting patterns come in.
Wall Street has trimmed its earlier advance, leaving the S&P 500 higher by 24 points, or 0.3%.
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WTI crude fell $7.58, stocks and gold rallied as Republicans blamed the Iran war for midterm losses.
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