Nasdaq Futures Slide, Dow Edges Higher After Georgia Runoffs

The Wednesday Market Minute

  • Global stocks gain, dollar extends slump as markets react to likely Democratic sweep of Georgia Senate run-offs.
  • Networks call on race for Raphael Warnock over Kelly Loeffler, with Jon Ossoff leading David Perdue at last count in the tight Senate race.
  • Tech stocks lead U.S. markets lower on bets that a Biden administration would increase regulation and raise taxes on the domineering sector.
  • Benchmark 10-year Treasury note yields rise past 1% for the first time in ten months on bets of deficit-lead spending, while the dollar hits a fresh two-and-a-half year low against its global currency peers.
  • Oil tops $50 for the first time since March after Saudi Arabia agrees to a voluntary production cut of 1 million barrels per day to re-balance global supplies.
  • U.S. equity futures suggest a mixed start to the trading day ahead of PMI data at 9:45 am Eastern time and Congress’ certification of the November election win for President Elect Joe Biden.

U.S. equity futures traded lower Wednesday, while the dollar extended declines and ten-year U.S. Treasury notes traded north of 1% for the first time since March, as investors reacted Senate elections in Georgia that could tip the balance of power in Washington firmly towards President Elect Joe Biden.


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