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Wall Street refused to believe the Georgia election. Now there’s a big spin going on

Such is the distrust of opinion polls that the belated move toward Democrats in the Georgia Senate run-off was treated with suspicion on Wall Street.

So financial markets responded to the news Raphael Warnock won one of the two rounds for the Senate in Georgia early Wednesday, With John Usoff at the helm, the remaining votes were concentrated in the counties around Atlanta. This puts the Democrats on the brink of dominance in the evenly divided US Senate, with Vice President-elect Kamala Harris winning the final vote.

10-year Treasury yield TMUBMUSD10Y,
1.012%
More than 1% pushed in expectations of increased spending. The dollar fell, with the euro EURUSD,
+ 0.37%
Trade above $ 1.23. Small Equity Futures Russell 2000 RTY00,
+ 3.12%
Higher, while broader S&P 500 ES00 futures,
-0.03%
And Nasdaq-100 futures NQ00,
-1.32%
Fell with tech giants including Facebook FB,
+ 0.75%And the
Google Alphabet GOOG owner,
+ 0.73%
And Microsoft MSFT,
+ 0.10%
Trade less in pre-market actions due to concerns over regulatory action. Emerging market ETFs and the value on the German stock exchange rose.

Derek Halpenny, head of research at Derek Halpenny, said, “While these potential victories raise the level of political uncertainty and certain sectors in the US stock market may underperform (healthcare, technology, for example), the overall implications of these election results are. Clearly positive. ” Global Markets at MUFG Bank in London. “There is now an opportunity for greater incentive checks for American households ($ 2000 instead of $ 600) and an increased possibility to support generally greater financial stimulus in the future.”

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“If the Democrats can overcome the turmoil in Georgia, the main difference this time, in my view, is that many of these Democratic players who were there in 2009 are likely to seize their latest opportunity to push greater fiscal spending to support the economic recovery. A more pronounced economic recovery, we expect additional hikes in Treasury prices, tightening of municipal and corporate bond margins, a weaker dollar, and higher performance of value stocks and emerging market stocks, ”Brian Levitt, global market strategist at Invesco, added in a note before the results.

The steeper yield curve – the gap between two- to ten-year bond yields to the widest range since 2017 – should help the banking sector. JPMorgan Chase JPM stocks,
+ 0.54%
It rose in the premarket trade.

One of the big questions will be whether there is a desire to raise taxes on corporations or wealthy Americans, a move President-elect Joe Biden called for.

“Although the outcome of the” blue sweep “with the victory of the Democrats in Georgia may revive the debate about the upcoming US tax increases, we consider it unlikely that the new Treasury Secretary Janet Yellen will pursue policies that could stifle the US economic recovery. Economists at Bernberg Bank: “Given its pessimistic tendency, its focus is likely to be on more stimulus instead.”

Hype

Vice President Mike Pence will certify the vote count in Congress, as President Donald Trump has publicly pressed him to nullify the result.

Minutes of the last FOMC meeting will be published, as public comments from various officials in recent days show a split on the issue of bond buying. The economic calendar also includes ADP estimates for private sector jobs for December, as well as the services sector PMI.

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Tesla TSLA,
+ 0.73%
It saw its target price soar to $ 810 from $ 540 by Morgan Stanley, which repeated a weight gain call on the electric car maker. In exchange, Barclays reiterated its target price of $ 230.

Trump signed an executive order banning Alipay’s Alibaba affiliate Alipay BABA,
+ 5.51%
And seven other Chinese applications.

United Health,
-1.34%
Agreed to purchase Change Healthcare CHNG,
-0.05%
At a 41% premium until Tuesday close, AmerisourceBergen ABC,
+ 1.31%
Will buy Alliance Healthcare WBA,
-0.58%
Businesses from the Walgreens Boots Alliance for $ 6.5 billion.

Random readings

University She is testing vending machines for COVID-19 tests.

New NASA Telescope It may reveal the secrets of the Big Bang.

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