Investing.com - U.S. stocks ended Tuesday mixed to lower after Saudi Arabia cut the price of oil its sends to the U.S., which battered energy equities, while uncertainty over the fate of Congress on election day sent investors jumping to the sidelines to await the outcome.
At the close of U.S. trading, the Dow 30 rose 0.10%, the S&P 500 index fell 0.28%, while the NASDAQ Composite index fell 0.33%.
The CBOE Volatility Index index, which measures the outlook for market volatility, was up 1.97% at 15.02.
Saudi Arabia cut its selling price for oil bound for the U.S., suggesting that the kingdom is trying to compete with U.S. shale oil for market share.
U.S. hydraulic fracking operations cost more to extract oil than producers in the Middle East, leaving Saudi Arabia hoping lower oil prices will prompt U.S. producers to halt operations and let the market absorb excess supply and eventually drive prices higher.
In the meantime, prices should remain low as Saudi seeks to gain longer-term market share, which pressured energy stocks lower and brought broader indices down with them.
Elsewhere, many U.S. representatives and Senators were up for reelection as the country went to vote on Tuesday.
The Republican party was seen possibly taking control of the Senate, which would give it control over both houses of Congress, though uncertainty in Tuesday's tight race kept many investors on the sidelines, avoiding equities in the process.
Leading Dow Jones Industrial Average performers included Procter & Gamble Company (NYSE:PG), up 1.45%, Wal-Mart Stores Inc (NYSE:WMT), up 1.28%, and Cisco Systems Inc (NASDAQ:CSCO), up 1.20%.
The Dow Jones Industrial Average's worst performers included Caterpillar Inc (NYSE:CAT), down 1.61%, Walt Disney Company (NYSE:DIS), down 1.50%, and Chevron Corporation (NYSE:CVX), down 1.22%.
European indices, meanwhile, ended the day lower.
After the close of European trade, the DJ Euro Stoxx 50 fell 1.52%, France's CAC 40 fell 1.52%, while Germany's DAX fell 0.92%. Meanwhile, in the U.K. the FTSE 100 fell 0.52%.
On Wednesday, expect markets to move on U.S. service-sector data and on U.S. congressional election results.