US stock futures fell, Treasuries rallied and the dollar softened as early Democratic Senate wins fueled bets the party could take control of the chamber, though the outcome remained uncertain. S&P 500 futures slid 0.8%, Nasdaq futures fell 1.8% and the 10-year Treasury yield dropped 6 basis points to 4.906%.
US stock futures slumped, Treasuries rallied and the dollar softened on Wednesday as early Democratic Senate wins fueled bets the party could take control of the chamber. In North Carolina, Roy Cooper defeated Michael Whatley to flip a Republican-held Senate seat, while Jon Ossoff won re-election in Georgia; the fight for the Senate remained closely contested.
S&P 500 futures slid 0.8%, while Nasdaq futures fell 1.8%. The yield on the 10-year Treasury note fell 6 basis points to 4.906%. The dollar index was down 0.32% at 101.39, while the euro rose 0.4% to $1.1239 and sterling gained 0.37% to $1.3464.
Investors weighed possible implications for fiscal stimulus, AI and Big Tech regulation, defence spending and rules in healthcare, banking and cryptocurrencies. In Asia, shares fell despite strong earnings and forecasts from AMD: MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.5%, South Korea's KOSPI fell 1.6% and Japan's Nikkei slid 3%.
