Tech futures and the dollar sink as the Georgia vote points to victories for the Democrats

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Good morning, Bull Sheeters. All eyes are on Georgia. And that’s putting investors in a risk-off mood.

At 2 a.m. Atlanta time, Democrat Raphael Warnock was called as the winner of one of the two Georgia Senate seats up for grabs, and that sent Treasury yields and Chinese stocks soaring. Meanwhile, the dollar and tech-stock futures fell, and they continue to sink. The Ossoff-Perdue race is still too close to call, but the markets there too are pricing in a blue sweep. I explain the implications below.

But first, let’s check in on what’s moving the markets.

Markets update


  • The major Asia indexes are mixed in afternoon trading with the Shanghai Composite up 0.6{403cc565fa3cc21393751b9dcd44ef172eb53ec18650f129cafdd18bff67f4a7}.
  • President Trump signed an executive order establishing a
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Georgia on cusp of delivering Senate to Democrats as Warnock wins, Ossoff leads By Reuters

© Reuters. Control of U.S. Senate hangs in the balance as Georgia begins counting ballots


By Rich McKay and Nathan Layne

ATLANTA (Reuters) – Democrats won one U.S. Senate race in Georgia and led in another on Wednesday, moving closer to a sweep in a deep South state that would give them control of Congress and the power to advance President-elect Joe Biden’s policy goals.

Raphael Warnock, a Baptist preacher from the historic church of Martin Luther King Jr., beat Republican incumbent Kelly Loeffler to become the first Black senator in Georgia’s history.

Jon Ossoff, a documentary filmmaker who at 33 would become the Senate’s youngest member, also declared victory with a narrow lead over incumbent David Perdue, although media including Edison Research had yet to call that race.

If upheld, the results would amount to a final defeat for outgoing President Donald Trump, who stands to be

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