US stocks trade mostly lower as likely Democratic control of Senate roils tech

• US stocks traded mostly lower on Wednesday as the results in the Georgia Senate runoff elections pointed to a likely Democratic "blue sweep."
• Tech stocks led the market lower, as Democratic control of Congress could put big tech antitrust laws into focus, the Wedbush analyst Daniel Ives said.
• Bitcoin surged above $35,000 to an all-time high after it became apparent that Democrats would win both Senate elections.
• Watch major indexes update live here.

US stocks traded mostly lower on Wednesday as the results in the Georgia Senate runoff elections pointed to Democratic control of Congress.

The Democrat Raphael Warnock won on Tuesday, while several news outlets said Jon Ossoff led his opponent, Republican Sen. David Perdue, by a slim margin on Wednesday morning, with many votes in Democratic strongholds left to be counted.

Technology stocks led the market lower. The Wedbush analyst Daniel Ives chalked up the decline to the increasing likelihood of antitrust legislation under a Democratic-controlled Congress.

Here's where US indexes stood after the 9:30 a.m. ET open on Wednesday:

• S&P 500: 3,709.38, down 0.47%
• Dow Jones industrial average: 30,388.61, down 0.01% (2.99 points)
• Nasdaq composite: 12,694.24, down 1.08%

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Bitcoin surged above $35,000 to an all-time high as investors sought an inflation hedge against the likelihood of increased government spending under the Biden administration.

US private-sector employment shrank in December for the first time in eight months, with 123,000 payrolls lost, ADP said.

The 10-year US Treasury yield topped 1% for the first time since March.

Oil prices rose. West Texas Intermediate crude jumped as much as 0.08%, to $49.97 per barrel. Brent crude, oil's international benchmark, gained 0.47%, to $53.85 per barrel, at intraday highs.

Gold fell as much as 0.75%, to $1,939.70 per ounce.

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