U.S. stock futures were mixed early Wednesday as Wall Street kept an eye on two runoff elections in Georgia that will determine control of the Senate.
Dow Jones Industrial Average futures pointed to an opening gain of about 100 points, while Nasdaq 100 futures dropped 1.4% and S&P futures traded 0.1% lower.
The benchmark 10-year Treasury note yield, meanwhile, topped 1% for the first time since March.
Democrat Raphael Warnock is projected to win the Georgia U.S. Senate special election runoff against incumbent Republican Kelly Loeffler, according to NBC News. The other runoff race between Democrat Jon Ossoff and Republican David Perdue is too close to call.
Certain stocks gained on expectations for another stimulus to fight the Covid economic slowdown. Futures for small-cap benchmark the Russell 2000 jumped more than 2%. United Airlines shares rose 1.5% and Carnival Corp. was higher by more than 2%.
JPMorgan Chase and Bank of America shares were both up about 3% in premarket trading amid the 10-year yield topping the 1% milestone as higher rates should help their bottom lines.