Wall Street Keeps Watch on Midterm Elections as Oil Falls & EU Cuts

Stocks were lower at Tuesday's open as Wall Street watches to see if the Republicans can take back the Senate to gain full control of Congress in the midterm elections. Investors are also weighing the European Commission's move to cut its growth forecasts. The new outlook indicates the euro zone would need another year to put the debt crisis behind them. The September U.S. trade deficit came in at $43.03 billion, compared to expectations of $40.0 billion. Oil prices are continuing their fall after Saudi Arabia cut sales prices to the United States while raising export prices to Asia and Europe. Alibaba (BABA) reported its first quarterly report. The Chinese e-commerce company matched earnings estimates but beat revenue expectations. Sprint (S) is sharply lower in early trading. The wireless carrier posted a wider-than-expected quarterly loss. Sprint said it will cut 2,000 jobs.