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US stocks trade mostly lower as likely Democratic control of Senate roils tech

NYSE Trader worried red
A trader on the floor of the New York Stock Exchange on February 28.

  • US stocks traded mostly lower on Wednesday as the results in the Georgia Senate runoff elections pointed to a likely Democratic “blue sweep.”
  • Tech stocks led the market lower, as Democratic control of Congress could put big tech antitrust laws into focus, the Wedbush analyst Daniel Ives said.
  • Bitcoin surged above $35,000 to an all-time high after it became apparent that Democrats would win both Senate elections.
  • Watch major indexes update live here.

US stocks traded mostly lower on Wednesday as the results in the Georgia Senate runoff elections pointed to Democratic control of Congress.

The Democrat Raphael Warnock won on Tuesday, while several news outlets said Jon Ossoff led his opponent, Republican Sen. David Perdue, by a slim margin on Wednesday morning, with many votes in Democratic strongholds left to be counted.

Technology stocks led the market lower. The Wedbush analyst Daniel Ives chalked up the decline to the increasing likelihood of antitrust legislation under a Democratic-controlled Congress.

Here’s where US indexes stood after the 9:30 a.m. ET open on Wednesday:

Read more: Buy these 30 stocks that handily beat the market in 2020 and are poised for the best global returns in 2021, RBC says

Bitcoin surged above $35,000 to an all-time high as investors sought an inflation hedge against the likelihood of increased government spending under the Biden administration.

US private-sector employment shrank in December for the first time in eight months, with 123,000 payrolls lost, ADP said.

The 10-year US Treasury yield topped 1% for the first time since March.

Oil prices rose. West Texas Intermediate crude jumped as much as 0.08%, to $49.97 per barrel. Brent crude, oil’s international benchmark, gained 0.47%, to $53.85 per barrel, at intraday highs.

Gold fell as much as 0.75%, to $1,939.70 per ounce.

Read more: The space industry will grow by over $1 trillion in the next decade, says Bank of America. Here are the 14 stocks best-positioned to benefit from the boom.


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