Wall Street firms agree that markets have largely priced in Republicans winning at least one of the Georgia runoff races on January 5, thereby retaining control of the Senate, but if Democrats clinch the two victories needed to let Vice President-elect Kamala Harris cast a tie-breaking vote, markets could be in for an unraveling as investors put more emphasis on the incoming administration's policy agenda. Polling site FourThirtyEight currently has the two runoff races as toss-ups, giving Republican incumbent Sen. David Perdue just a 0.5% winning margin against Democrat Jon Ossoff, and Democrat Raphael Warnock a 0.6% lead against Republican Sen. Kelly Loeffler, who was appointed in January to fill a vacated seat. If Ossoff and Warnock pull off wins, Vice President-elect Harris will get to cast a tie-breaking vote on any proposals split across party lines."The market right now cares most about the January 5 runoffs in Georgia, where Republicans are expected to win at least one of the races and keep their majority, although Trump isn’t doing his party any favors," Vital Knowledge Media Founder Adam Crisafulli said Thursday. "The ongoing lambasting of Georgia’s electoral systems and its Republican leaders will hurt GOP turnout, and the absence of a stimulus bill could weigh on the party too."Wall Street experts predicted a blue wave for months leading up to the November election, as polls increasingly pointed to waning support for President Trump and Republicans. A blue wave outcome was expected to hurt industries like big pharma and private insurers but benefit homebuilders (thanks to increased infrastructure spending) and clean-energy providers. Those predictions proved wrong on Election Day, and investors have since witnessed a reversal of gains and losses that they priced into markets under the expectations of a Democratic sweep. Overall, however, Wall Street agrees that a split Congress is the best-case scenario for stocks, due largely to the softened threat of increased taxes and corporate regulation. Two Democratic victories could throw a wrench in those gains.$470 million. That's how much is set to be spent on advertisements for the Georgia runoffs, according to the New York Times on Wednesday. Billionaire financiers have been among the largest individual backers of super-PACs supporting Republican senators ahead of the runoffs. Blackstone cofounder Stephen Schwarzman and Citadel founder Kenneth Griffin poured $15 million and $10 million into the Senate Leadership Fund, whose one goal is "to protect and expand the Republican Senate Majority," less than one week after Election Day. Betting Odds Favor Republicans To Win Senate Seats In Georgia (Forbes)


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