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Stocks opened lower Wednesday morning as traders awaited final results of the Georgia Senate runoff elections, which will determine control of Congress and shape policy decisions for the coming years.
The Dow and S&P 500 were little changed. The Nasdaq sold off, however, and dropped more than 1% as markets took the increasing odds of a Democratic sweep in the Georgia Senate races as a possible sign for more anti-trust action against Big Tech companies. U.S. crude oil prices held above $50 per barrel after breaking above that level for the first time since February 2020 on Tuesday, after Saudi Arabia unexpectedly agreed to cut oil output by one million barrels per day to help support languishing energy prices.
Political uncertainty has gripped U.S. equities over the past several sessions, with the Georgia Senate run-off elections a central event. Democrat Raphael Warnock edged out incumbent Republican Kelly Loeffler to win one of the two seats in the state, the Associated Press reported Wednesday morning. This would give Democrats 49 seats in the Senate to Republicans’ 50, with one seat still hanging in balance. The Georgia Senate race between incumbent Republican David Perdue and Democratic challenger Jon Ossoff remained too close to all as of Wednesday morning.
Strategists have largely taken hold of the notion that a Democratic sweep of both seats in Georgia would be a market negative event due to the implications for higher corporate taxes and bigger government spending. The S&P 500 could see a downdraft of as much as 10%, according to one prediction from Oppenheimer.
“The lights … may be dimmed a little bit on the market run we’ve been having depending on what the outcome is. I think from our perspective, if you do see Democrats win both of those seats with a 50-50, very slim majority in the Senate, we could see some action that could result in a tax increase really in late 2021 or 2022,” Chris Meekins, healthcare policy analyst Raymond James, told Yahoo Finance. “But in the near-term, you’re more likely to get fiscal stimulus, you’re more likely to see some potential nominations get through that may be more progressive. So it’s a bit of a mixed bag. I think it will take some time for the market to interpret what can get done versus what won’t be able to get done.”
Others also suggested markets’ fears over the outcome of the election may be overblown.
“Even if the Democrats win two seats, which would give them the Senate in a 50-50 tie, there are a couple of Democrats who are quite moderate — you’ve got Joe Manchin of West Virginia, you’ve got Jon Tester of Montana,” Greg Valliere, AGF chief U.S. policy strategist, told Yahoo Finance on Tuesday. “Those two moderate Democrats I think will not going along with everything the Democrats want if they control the Senate. So no matter how you slice it, I think you’re looking at a pretty centrist environment for the financial market.”
9:30 a.m. ET: Stocks open lower
Here were the main moves in markets, as of 9:31 a.m. ET:
S&P 500 (^GSPC): -17.31 points (-0.46%) to 3,709.55
Dow (^DJI): -25.73 points (-0.08%) to 30,365.87
Nasdaq (^IXIC): -147.06 points (-1.15%) to 12,674.17
Crude (CL=F): -$0.02 (-0.02%) to $49.92 a barrel
Gold (GC=F): -$15.40 (-0.79%) to $1,939.00 per ounce
10-year Treasury (^TNX): +6.2 bps to yield 1.017%
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8:37 a.m. ET: Moderna shares jump after EU authorizes its COVID-19 vaccine
Shares of Moderna (MRNA) rose more than 3% in early trading after the European Union’s drug regulators approved the company’s COVID-19 vaccine, making it the second available in the bloc. The EU recently approved the vaccine from Pfizer and BioNTech.
The EU has a deal with Moderna for 160 million doses of the vaccine, which are expected to be available in early 2021. The U.S. and Canada have already begun inoculating citizens with the Moderna vaccine.
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