Stock futures were mixed Wednesday morning, with the tech-heavy Nasdaq declining nearly 2% as investors positioned themselves for Democratic control of the legislative and executive branches.
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Dow Jones Industrial Average futures rose 102 points, a gain of 0.3%, while the S&P 500 was off 0.2%. The decline in the Nasdaq was led by big cap tech stocks, such as Apple, Facebook and Amazon, all down more than 2% on concerns that additional regulation could hamper their profits.
|I:DJI||DOW JONES AVERAGES||30391.6||+167.71||+0.55%|
|I:COMP||NASDAQ COMPOSITE INDEX||12818.960246||+120.51||+0.95%|
Fox News projects that Democratic challenger Raphael Warnock defeated incumbent Republican Sen. Kelly Loeffler, while the race between Republican David Perdue and Democratic challenger Jon Ossoff was too close to call.
Wednesday will see the release of a number of economic reports, including looks at the U.S. housing and job markets.
Data on mortgage applications for the week ended Jan. 2 will be released at 7 a.m. Later in the morning, ADP will release its employment report for December. Economists surveyed by Refinitiv expect a gain of 88,000 private sector jobs.
Traders will also get updated readings on the IHS Markit Services PMI, factory orders and the weekly crude oil inventories report.In other asset classes, bitcoin surged past the $35,000 level in morning trading. Oil and gold also rose, with West Texas Intermediate crude oil climbing back above the $50 per barrel level, while gold hit $1,959.50 an ounce.