{"id":107411,"date":"2021-01-06T08:10:54","date_gmt":"2021-01-06T08:10:54","guid":{"rendered":"https:\/\/precoinnews.com\/?p=107411"},"modified":"2021-01-06T08:10:54","modified_gmt":"2021-01-06T08:10:54","slug":"nasdaq-futures-tumble-as-investors-brace-for-possible-blue-wave","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/nasdaq-futures-tumble-as-investors-brace-for-possible-blue-wave\/","title":{"rendered":"Nasdaq futures tumble as investors brace for possible Blue Wave"},"content":{"rendered":"
FILE PHOTO: The U.S. flag covers the front facade of the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 9, 2020. REUTERS\/Brendan McDermid<\/figcaption>

(Reuters) – Futures tracking the Nasdaq 100 index fell more than 1% on Wednesday as investors priced in the prospect of Democrats winning both races in a Senate run-off election in Georgia that will determine the balance of power in Washington.<\/p>\n

Edison Research called one of the races for Democrat Raphael Warnock, unseating incumbent Kelly Loeffler, while Democratic challenger Jon Ossoff held a slim lead over Republican David Perdue in the other with 98% of votes counted.<\/p>\n

A Democrat-controlled Senate would give more scope for President-elect Joe Biden to act on his reform plans including new COVID-19 stimulus, but it could also mean higher corporate taxes and tighter regulations on the technology mega-caps – policies not typically favored by Wall Street.<\/p>\n

\u201cA \u2018blue wave\u2019 might not be a bad outcome for markets as decisive fiscal action will help to accelerate economic recovery,\u201d said Vasu Menon, investment strategy executive director OCBC Bank, Singapore.<\/p>\n

\u201cThis will be broadly bullish for risk assets, particularly equities, credit, commodities, and emerging market securities.\u201d<\/p>\n

By 2:06 a.m. ET, Dow e-minis were up 89 points, or 0.29%. Constituents of the blue-chip Dow are generally expected to benefit from a pickup in economic activity.<\/p>\n

S&P 500 e-minis were down 5.25 points, or 0.14%, and Nasdaq 100 e-minis were down 147 points, or 1.15%.<\/p>\n

Hopes of a vaccine-powered economic recovery in 2021 had powered Wall Street\u2019s main indexes to record highs in late-December, but sentiment has recently been dented by the discovery of a more contagious variant of the coronavirus and the latest restrictions.<\/p>\n

Analysts also expect the market to consolidate December\u2019s gains in January as asset managers look to rebalance their portfolios that had been heavily tilted toward equities.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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