The Blue Wave that spooked technology stocks last September may have washed over Georgia Tuesday.
If the two Democratic candidates are triumphant in the crucial Senate runoff elections in Georgia, both houses of Congress and the White House would all be under Democratic control. Bracing for such an outcome, stock futures, especially contracts on the Nasdaq 100 index dominated by giant tech stocks, were lower Wednesday just after midnight in reaction to the preliminary vote tallies.
At the same time, Treasury yields rose on the increased prospect of more fiscal stimulus and even bigger budget deficits. The benchmark 10-year note touched the psychologically important 1% level for the first time since last March’s Covid-induced market meltdown. Read more…..
Chart of the Day
The world of work will be radically different in the future. From hyper-surveillance of staff to digital nomadism to robots taking jobs—how, where and why we work is changing beyond all recognition.