The Senate race will also be one to pay attention to later tonight
Republicans hold a 53-47 majority going into today's election, and how that all changes will be a key consideration for the market moving forward.
Even if Biden wins the White House, if there is no 'blue wave' to follow, that could spell trouble for stimulus plans and other key legislative proposals.
The pollsters are giving the Democrats a good chance of winning back the Senate but it will likely come down to a few key states as well, despite there being 35 seats up for grabs this time around.
Democrats are polling good to flip over Arizona, Colorado, Maine, and North Carolina, while Republicans are really only threatening in one state i.e. Alabama, at least that is what the final polls are suggesting going into today.
Adding to that are potential toss-ups in Georgia, Georgia (Special), Montana,and Iowa, so that makes for quite an interesting race but how many seats needed by Republicans or Democrats will also depend on the presidential race to some extent.
In the event of a Senate tie i.e. 50-50, the tie is broken by the sitting vice-president, so that depends on the winner between Trump and Biden.
Assuming the Democrats lose Alabama, they will need to secure four other state seats if Biden wins or five other state seats if Trump wins the White House instead.
As such, keep the focus on the above numbers and states for a sense of how this race pans out alongside the presidential race later in the day.
In terms of a market reaction, the first will likely be related to stimulus plans. If the winning presidential candidate doesn't hold control of the Senate, expect there to be major complications as that just means more gridlock in Washington.
