Diamonds and Dogs
Bank stocks are big winners from the Georgia vote. Bank of America (BAC), Wells Fargo (WFC) and Citigroup (C ) are all up 7% to a 10 month highs following the Georgia election yesterday. Democrats gaining more control is typically bad for the banks due to tougher regulation and higher taxes, but in investors seem to be looking past that to a greater likelihood of Congress approving a big spending package to limit the economic pain from the pandemic.
Big tech and FAANG taking a hit. Not many stocks are lower, but big cap techs are taking a hit on worries of new regulation from the Democrat party. Nvidia (NVDA) is down 2% as the U.K. will investigate the pending merger of Nvidia and ARM Holdings.
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