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January 5 (Reuters) – Tue Wall Street major indexes opened on Tuesday as investors waited for the outcome of the Georgia Senate runoff election, which is expected to determine the balance of power in Washington.
A « blue sweep » from Congress could provide greater fiscal stimulus, though initiate the coronavirus-ravaged economy, but also pave the way for President-elect Joe Biden to enforce stronger corporate regulation and higher taxes and hurt some areas of the market. take a wait and see attitude … there is much to fear – not just in the US elections, but also because of the various strains of the virus that are currently being reported around the world, « said CFRA chief investment strategist Sam Stovall said.
The latest polls from data 538 website https://projects.fivethirtyeight.com/georgia-senate-polls gave both Democratic challengers a slight advantage in their respective races.
The Cboe Volatility Index
.VIX
It rose after closing at its highest level in two months in the previous session, when Wall Street indices tumbled to two-week lows on concerns about a continued surge in coronavirus cases. The start of the introduction of vaccines and massive financial support have pushed major US stock indices to record highs in recent times. The discovery of a more contagious strain of the coronavirus and recent virus-related restrictions have clouded the economic outlook.
The UK began its third national lockdown to combat the spread of a highly contagious variant that is threatening to overwhelm the healthcare system. Meanwhile, New York found its first case of the « UK » variant on Monday. The market could get choppy for much of the first quarter as investors try to process soft economic data due to the latest lockdowns, « Stovall said.
The manufacturing PMI in ISM’s manufacturing PMI is expected to be in December will decline for a second consecutive month. The Federal Reserve’s minutes from its last political meeting and monthly employment report are also available this week.
At 8:10 a.m. ET, the Dow E-Minis 1YMcv1 fell 10 points or 0.03%.
S&P 500
E-minis EScv1 fell 3 points or 0.08% and
Nasdaq 100
E-Minis NQcv1 fell 14 points, or 0.11%.
Chip maker Micron Technology Inc.
MU.O.
up 4% according to Citigroup (NYSE:
C.
) upgraded its rating on the stock to « buy » in anticipation of a recovery in demand and pricing for DRAM chips. The shares of China Telecom Corp Ltd CHA.N and China Mobile Ltd CHL.N each gained 11%, while the shares of China Unicom Hong Kong Ltd CHU.N rose 17.6% after the NYSE decided to delist who had reversed shares.
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