Stock market news: Opening bell, November 6, 2018

President
Donald Trump arrives to speak at a rally at Show Me Center in
Cape Girardeau, Mo.
AP/Carolyn
Kaster

Here is what you need to know. 

America goes to the polls. The Democrats are
projected to wrestle away control of the House of
Representatives, according to most polls, which could set the
stage for two years of gridlock. 

The most likely election outcome has been terrible news for
stocks. A Republican president
seeing Democrats take control of the House during a
midterm election while Republicans held the Senate has only
happened twice, and both time the Dow Jones Industrial Average
was lower over the next year. 

A new Brexit poll says “remain” would win
big. The UK would stay in the European Union by
54% to 46%, according to a poll of 20,000 Brits conducted by the
British broadcaster Channel 4. 

The market’s Red October nailed the coffin on one of the most
trusted trading strategies of the bull
market. The “buy-the-dip” strategy that has
worked throughout the bull market is coming to an end, and Morgan
Stanley says there are urgent implications. 

Amazon reportedly plans to set up 2 different locations for its
HQ2. Amazon is said to be close to selecting
Long Island City in Queens, New York, and the Crystal City
area of Arlington, Virginia, as the homes of its second
headquarters, dubbed HQ2, The New York Times reports. 

The details of the rape allegations against JD.com’s billionaire
CEO are out. JD.com founder and CEO Liu
Qiangdong allegedly plied a 21-year-old student with alcohol
before going home with her in his private car and having a
violent encounter that ended with non-consensual sex, according
to a detailed account of the allegations that was published in
the Minneapolis Star. Liu has denied any wrongdoing.

iPhone suppliers took a hit after a report highlighted XR
production woes. Shares of iPhone suppliers fell as
much as 6.6% on Tuesday after a Nikkei report, citing sources,
said Apple would halt additionally production lines for its new
smartphone.

The software startup Qualtrics files to go public.
Qualtrics, which sells software to analyze, manage, and improve
software user experience, plans to raise as much as $495 million
by selling 23.6 million shares at a price of $18 to $21 apiece, a
filing out Monday showed. 

Earnings
reporting is heavy. CVS, Eli Lily, and Ralph
Lauren report ahead of the opening bell while Match Group and
Papa John’s are set to release their quarterly results after
markets close.

US economic data trickles out. JOLTS Job
Openings will be released at 10 a.m. ET. The US 10-year yield is
down 1 basis point at 3.19%.