In the first market reaction to Joe Biden being projected as the next US president, US stock futures were up on Sunday.
Wall Street has been betting on Joe Biden to win the White House and for Republicans to take the Senate for the last week as the results of the election come into sharper focus. Such an outcome would allow for more modest policies on taxing and regulations. But the fight for Senate control is still in limbo, with likely Senate runoff elections in Georgia. «It’s what happens in the Senate race that could determine the next move up or down,» said chief market analyst at CMC Markets, Michael Hewson. «If that looks as if it might change in the run-offs in January then you could see some weakness in certain parts of the stock market in the event the Democrats get their blue wave wish.
