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“What is now proved was once only imagined.” – William Blake

Georgians went to the polls yesterday, and in what proved to be extremely tight races, the Democratic candidates have come out on top.  While the results aren’t official, both Warnock and Ossoff look to have the necessary votes to win the election to the US Senate.  We’re seeing some big reactions in the market this morning as growth stocks are getting hit hard on the prospect of higher rates, while small caps surge on hopes of more spending and stimulus.

There will be all sorts of takes from both sides that the results mean this or that for the prospects of the market, and while the policies of a Washington fully controlled by the Democrats will have some good and bad impacts at the margin, as we noted in the Washington section of our 2021 Annual Outlook, the market is much bigger than the politicians in DC.  The secular trends that have been in place leading up to this election are still in effect now.

Be sure to check out today’s Morning Lineup for updates on the latest market news and events, the results of the Georgia races, an update on the latest national and international COVID trends, and much more.


As noted above, we’re seeing some big moves in markets this morning as investors digest the results of the Georgia elections.  As a case in point, this morning the Russell 2000 is on pace to open up over 2% while the Nasdaq 100 is indicated more than 1.5% lower.  That spread, if it continues through the opening bell, will mark just the fifth time since 2000 that the performance spread between the two ETFs that track these indices was more than 3.5 percentage points at the open.  The first was in September 2008, while there were three last year (one in May, one in June, and one in November).

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