Georgia Elections, Alibaba, China, Trump: 5 Things You Must Know

Here are five things you must know for Wednesday, Jan. 6:

1. — Nasdaq Futures Slump as Wall Street Bets Democrats Win Senate

Stock futures were mixed Wednesday as investors bet Democrats could win the U.S. Senate and as U.S.-China tensions again ratcheted higher.

Democrat Rev. Raphael Warnock beat Sen. Kelly Loeffler in Georgia, winning one of two Senate runoffs in the state. His victory puts the Senate majority within the Democratic party’s reach.

The race between Republican Sen. David Perdue and Democrat Jon Ossoff remains too early to call as votes were still being counted, according to the Associated Press.

Contracts linked to the Dow Jones Industrial Average rose 33 points and S&P 500 futures declined 11 points. Nasdaq futures dropped 184 points, or 1.44%, on concerns big technology companies could face tougher antitrust scrutiny under a Democrat-controlled Congress.

The yield on the benchmark 10-year U.S. Treasury note hit 1% for the first time since March.

The elections in Georgia will determine whether the Democrats take control of Congress and enable them to push the legislative agenda of President-elect Joe Biden.

A swing to the Democrats could lead to greater fiscal stimulus and higher taxes. Just one Republican win would give the GOP enough votes to block Biden from pursuing his more ambitious policies on trade, energy and security, according to analysts.

President Donald Trump, meanwhile, signed an executive order Tuesday banning transactions with eight Chinese apps, including Ant Group’s Alipay. China accused the U.S. on Wednesday of abusing its powers, saying its actions only harmed American consumers.

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