us equity indexes slipped on wednesday following a three day rally after some poor earnings reports and a slide in major technology stocks while the results of the midterm elections left control of the us house and senate as still too close to call on tuesday the dow jones industrial average rose 334 points or 102 to 33161 the sp 500 increased 21 points or 056 to 3828 and the nasdaq composite gained 52 points or 049 to 10616 the sp 500 is up 7 from its 2022 closing low hit in mid october but remains down 197 for the year to date walt disney co dis and news corp nwsa fell after posting disappointing results while declines in big tech names including apple inc aapl amazoncom inc amzn and nvidia corp nvda weighed on the nasdaq 100 meanwhile equity indexes slipped as the results from the us midterm elections trickled in but the battle to control congress remained unclear the market does not like uncertainty said todd morgan chairman at bel air investment advisors i think the market would have liked republican confirmed the win all the way along morgan said the sp 500 index rallied over the past three sessions partly on hopes that gains for the republicans will deliver partisan gridlock in washington wall street expects this will be beneficial for equity valuations since it may reduce regulatory uncertainty crimp the likelihood of more corporate taxes and also mean less government spending which should help undercut inflation in turn softer inflation could at the margin reduce the need for the federal reserve to continue to raise interest rates aggressively the sp 500 is down nearly 20 in 2022 as the fed has raised its benchmark interest rate from effectively zero at the start of march to a range of 375 to 4 what is clearis that neither major party is running away with the election in a wave and it appears that republicans are still on track to achieve a majority in the house of representatives a combo that should put a pin in any new fiscal stimulus for the next few years said strategists at deutsche bank the 2year us treasury yield  which is particularly sensitive to monetary policy was trading around 469 on wednesday having flirted with 15year highs near 475 at the beginning of the week the dollar index gained 05 to 11016 richmond fed president tom barkin is due to speak at 11 am eastern however for the latest stock rally to continue investors will have to receive a benign consumer prices index report for october on thursday october cpi will be very important and consensus is looking for another hot print with some seeing yearonyear surging to 9 this shows that many armchair economists simply draw lines on both growth and acceleration said tom lee head of research at fundstrat who added that he reckons the inflation number will come in softer than expected all in all this keeps us constructive on stocks into year end and we think this rally will rise further and last longer than the 23 trading day rally following june pivot talk lee concluded see us inflation likely to post another sharp increase in october cpi to show markets have also had to contend with a fresh crypto wobble though this appears to have been swiftly shrugged off with investors reasoning there is little sign of broader contagion bitcoin was trading below 18000 as investors digested binances tentative deal to acquire rival ftx