Stock market today
US Markets looks mixed today with big tech down as the Georgia Senate election results roll in.
U.S. Stock Market Futures
Dow Jones Futures were up 58 points, or 0.2%. Futures on the S&P 500 were down 0.2%, with the Nasdaq Composite set to open down 1.5%.
According to the Associated Press, Democratic candidate Raphael Warnock has won a Senate seat in Georgia, and Jon Ossof is ahead with 98% of the vote in. Democrats need to win both seats in order to control the Senate by a slim margin and both chambers of Congress. Many on Wall Street believe that more fiscal spending could be on its way, a slight negative for growth tech stocks and a positive for cyclical stocks. Those are also potentially under regulatory pressure from a Democratic regime.
Market Summary :: notable stock movers:
Apple Inc. (NASDAQ:AAPL) shares plunged 2%. Bg tech peers Facebook Inc (NASDAQ:FB), Amazon (NASDAQ:AMZN), and Google-parent Alphabet (NASDAQ:GOOGL) slumped 2.7%, 2% and 2%, respectively. The growth tech names that are less sensitive to regulatory concerns declined as well, with Microsoft Corporation (NASDAQ:MSFT) and Salesforce (CRM) down 2% and 1%, respectively.
Top Gainers: Mastercard (MA) shares surged 1% after Bank of America upgraded the stock to ‘”buy” from “neutral”.
Most of the Bank stocks popped up as interest rates did the same and in effect the Wells Fargo (WFC) shares surged 3.5%.
Beyond Meat (BYND) has fallen 2.5% after getting cut to Neutral from Overweight at Piper Sandler.
PepsiCo (PEP) shares plunged 0.5% after being downgraded to In-line from Outperform at Evercore. Coca-Cola (KO) slipped 0.3% after being downgraded to Hold from Buy at Deutsche Bank, which also reduced its price target to $55 from $57. It was the third price target cut for Coca-Cola in three days this week.
UnitedHealth Group (UNH) has fallen 2% after its Optum unit agreed to acquire Change Healthcare (CHNG) for $25.75 per share in cash. Change has jumped 33%.
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