Stock market news today September 7

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UBS details all the possible outcomes of the midterm
elections 

The midterm
elections will be here before we know it.

On November 6, Americans are set to decide which senators and
representatives will fill a combined 470 seats being contested in
Congress.

Republicans, and President Donald Trump,
are hoping to maintain their majority in both the House and the
Senate. The strong economy — now in its second-longest expansion
in history — helps them make a case for continuity to voters.

But history
is not on their side, as a president’s party rarely holds on
to congressional majorities in midterm elections. Democrats in
turn are hoping that a progressive and anti-Trump agenda will
flip 24 Republican seats in the House and two in the Senate — a
so-called blue tsunami.

In a detailed note to clients,
UBS laid out the market implications of four outcomes for both
chambers of Congress: Republicans maintaining their majority,
Republicans expanding their advantage, Democrats gaining more
seats, and Democrats flipping both chambers.

Tesla’s chief accountant quits after one month on the
job

Tesla sank more than 10%
Friday, below $260 per share, after the electric-car maker

revealed that its chief accountant, Dave Morton, resigned on
September 4.

“Since I joined Tesla on August 6th, the level of public
attention placed on the company, as well as the pace within the
company, have exceeded my expectations,” Morton said at the time
in comments revealed in the
regulatory filing Friday.

US employers
added more jobs than forecast in August, and wages increased at
their fastest pace since the Great Recession, a government report
showed on Friday.

The jobs
report from the Bureau of Labor Statistics
showed that nonfarm payrolls increased by 201,000 on net, while
the unemployment rate was unchanged at 3.9%. Economists had
forecast that 190,000 net jobs were added and that the
unemployment rate fell to 3.8%, according to estimates compiled
by Bloomberg.

Wage growth, which has been a major laggard of the ongoing
economic recovery, was more impressive than forecast. Average
hourly earnings increased by 0.4% month-on-month. And at 2.9%
year-on-year growth, wages increased at their fastest pace since
June 2009.

Oath CEO Tim Armstrong’s on his way out, and there are
more exits to come

Oath’s executive leadership team
is in flux as a result of the decision to integrate parts of
Oath’s business into Verizon and the expected departure of CEO
Tim Armstrong, according to people close to the matter.

Chief people officer and longtime Armstrong confidante Bob Toohey
departed the company last week. Chief financial officer Vanessa
Wittman and chief communications officer Natalie Ravitz are
planning to leave the company in the coming weeks.

Following Toohey’s departure, Armstrong sent a note to staff
touting his accomplishments with the company.

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