FrançaisBuild your bias
  

Wednesday, November 4, 2026 · Midday recap

Stocks react to Democratic midterm wins as ISM services slips to 54.5 and CVS plans a split

Published Nov 4, 12:31 PM ET

What matters today

  1. Democrats won big in the midterm elections, and headlines tied the results to moves in hospital, chip and data-center stocks.
  2. The October ISM services index came in at 54.5 against 54.8 expected, with prices paid at 73.0.
  3. ADP reported private employers added 86,000 jobs in October, slightly above what was expected.
  4. CVS said it will split off its drugstore business, and CNBC reported its shares fell 10%.
  5. Earnings news included Uber and McDonald's beating expectations, while Datadog extended declines after results.

This morning so far

The midterm results dominated the morning. MarketWatch reported that hospital stocks rallied, while chip and AI data-center names slipped, and CNBC said the 10-year Treasury yield was little changed. The official 10-year yield stood at 4.95% as of Tuesday's close, up from 4.91%. At 10:00 ET, the ISM services survey (a monthly gauge of service-sector activity) showed 54.5 versus 54.8 expected, and the EIA reported crude inventories down 865K barrels. Earlier, ADP showed 86K private jobs added in October.

This afternoon and after the close

PreBell's calendar shows no other major releases this afternoon. Tomorrow at 8:30 ET, weekly U.S. jobless claims are due; the latest official reading was 194K, down from 195K.

Top headlines

  • CVS plans to separate its drugstore unit, unwinding its Aetna deal; CNBC reported shares dropped 10%.CNBC Top News ↗
  • October ISM services came in at 54.5, a bit under forecasts, with new orders and business activity lower than prior.ForexLive ↗
  • ADP said private payrolls rose 86K in October, above the 65K forecast.ForexLive ↗
  • Hospital stocks rose after the Democratic wins while drugmakers face possible greater scrutiny, MarketWatch reported.MarketWatch ↗
  • Micron and other chip stocks slipped as election results raised long-term questions about the data-center buildout, per MarketWatch.MarketWatch ↗
  • Treasury yields were little changed as investors weighed the Democratic wins and a drop in oil prices, CNBC reported.CNBC Top News ↗
  • Uber beat revenue expectations, though its mobility unit faced higher overseas fuel costs and tighter driver supply.CNBC Top News ↗
  • McDonald's shares rose after an earnings beat and improvement in U.S. restaurant results.CNBC Top News ↗

Written with AI from the listed sources and checked automatically. Every number links to its source.