Stock futures higher after Congress certifies Biden victory
- Congress has formally confirmed the election of Joe Biden as 46th
president of the United States after rebuffing efforts by a small group
of
Republicans to object to the acceptance of Electoral College wins for
Biden
in Arizona and Pennsylvania. The House and Senate began the process of
counting Electoral College votes Wednesday afternoon, but the proceeding
was interrupted for about six hours by a mob that stormed the Capitol
Building. The count resumed at about 8 p.m, but that was after a woman
was
shot and killed by Capitol Police, while three other people died from
medical emergencies.
- Terrifying day or historic day for American democracy? Maybe a bit of
both. While the mob delayed presidential certification and led to
horrible
violence, it didn't stop the process or institutions, and lawmakers were
able to reconvene later that night.
- *Some other happenings:* The second of two runoff elections in Georgia
was called in the Democrats' favor, handing Biden control of the Senate
and
solidifying his economic policy platform. Both Jon Ossoff and Raphael
Warnock lead their opponents by more than the 0.5 percentage-point
threshold for a recount, triggering a blue wave to descend on Washington.
- *How did the market respond?* Trading was largely unaffected by the
chaos in the U.S. Capitol and ended the session mostly higher on
expectations of a more robust stimulus package. Tech fell back on
possibility of antitrust legislation, though futures linked to the major
averages all powered higher overnight, rising 0.6%. "I think the reason
the markets aren't too flummoxed is it's not going to change the
transition
of power," said Tom Lee of Fundstrat Global Advisors. The 10-year
Treasury
yield also broke above 1% for the first time since the pandemic began in
late March, sparking a rally in the banking sector.
|Today, 4:41 AM|23 Comments
- Congress has formally confirmed the election of Joe Biden as 46th
president of the United States after rebuffing efforts by a small group
of
Republicans to object to the acceptance of Electoral College wins for
Biden
in Arizona and Pennsylvania. The House and Senate began the process of
counting Electoral College votes Wednesday afternoon, but the proceeding
was interrupted for about six hours by a mob that stormed the Capitol
Building. The count resumed at about 8 p.m, but that was after a woman
was
shot and killed by Capitol Police, while three other people died from
medical emergencies.
- Terrifying day or historic day for American democracy? Maybe a bit of
both. While the mob delayed presidential certification and led to
horrible
violence, it didn't stop the process or institutions, and lawmakers were
able to reconvene later that night.
- *Some other happenings:* The second of two runoff elections in Georgia
was called in the Democrats' favor, handing Biden control of the Senate
and
solidifying his economic policy platform. Both Jon Ossoff and Raphael
Warnock lead their opponents by more than the 0.5 percentage-point
threshold for a recount, triggering a blue wave to descend on Washington.
- *How did the market respond?* Trading was largely unaffected by the
chaos in the U.S. Capitol and ended the session mostly higher on
expectations of a more robust stimulus package. Tech fell back on
possibility of antitrust legislation, though futures linked to the major
averages all powered higher overnight, rising 0.6%. "I think the reason
the markets aren't too flummoxed is it's not going to change the
transition
of power," said Tom Lee of Fundstrat Global Advisors. The 10-year
Treasury
yield also broke above 1% for the first time since the pandemic began in
late March, sparking a rally in the banking sector.
|Today, 4:41 AM|23 Comments
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