The Dow closed more than 600 points lower after indecisive midterms and crypto sell-offs

Stocks fell on Wednesday – after recent market gains – as a result of midterm elections No clear answers have been given about who will control Congress yet. Cryptocurrency selling also affected the markets.

The Dow Jones Industrial Average fell 646.89 points, or about 1.95 percent, to 32,513.94 points. The decline was led by Disney, which fell 13.2% after the entertainment giant missed analyst estimates on net profit. The S&P 500 fell 2.08% to 3,748.57, and the Nasdaq Composite fell 2.48% to 10,353.17.

Shares fell to session lows during Wednesday afternoon’s session Bitcoin price It plunged to a new low in the bear market after Binance said it was backing away from its plans to acquire FTX. The decision affected risk sentiment in general and caused a downturn in the tech sector.

The stock market is seeing gains for three straight days in the election, as Wall Street had been expecting Republicans to gain ground and block any future tax and spending plans. But control of Congress was not clear. NBC News had not yet offered control of the House of Representatives with NBC’s estimate that Republicans could win 221 seats, which would be a slim majority.

In one of the major races that could determine the Senate’s control, Democrat John Fetterman defeated Republican Mehmet Oz for the pivotal Pennsylvania Senate seat, according to an NBC News projection. Pivotal race in the Georgia Senate between Democratic Senator Raphael Warnock and former NFL player Herschel Walker He will head to the run-off on December 6According to Secretary of State Brad Ravensberger. The crucial Senate race in Nevada has yet to be resolved.

“The election outcome remains uncertain, but the red wave predicted by models, investors and betting markets did not materialize and, in the near term, will add to the already high volatility,” Denis Debucherie wrote in a note on Wednesday.

Investors were also fatigued ahead of the October CPI report due Thursday morning at 8:30 AM ET. Economists polled by Dow Jones expect the core CPI to grow 7.9% from a year earlier, down Slightly off September’s 8.2% gain.

“Inflation is the Fed’s number one enemy, and if you see core CPI rising, I think the market will have a negative reaction to that,” AllianzIM’s Johan Grahn said.