Voters in Georgia are going to the polls on Tuesday in two runoffs for U.S. Senate seats that will determine the balance of power in Washington, with major implications for the incoming administration of President-elect Joe Biden.
But those looking for quick announcements about the winners and losers on Tuesday night may be disappointed. With tight contests expected as Democratic challengers Jon Ossoff and Raphael Warnock face off against Republicans David Perdue and Kelly Loeffler, the results may not be known for several days.
“With a close election, I’d expect it to look a lot like the presidential election,” Anthony Madonna, an associate professor at the University of Georgia, told MarketWatch in an email.
Now read: Here’s why the Georgia runoff elections for the U.S. Senate could turn into a ‘big deal’ for markets.
The Associated Press called Georgia for Biden on Nov. 19, more than two weeks after Election Day.
As the AP explains, no ballots — including absentee ballots received before Election Day — may be counted until the polls close. That’s scheduled for 7 p.m. Eastern on Tuesday.
“Much like in November, it may be hard to know any winners on Tuesday night due to early voting being available in Georgia and the closeness of the races in current polling averages,” Ashley Koning, assistant research professor and director of the Eagleton Center for Public Interest Polling at Rutgers University, told MarketWatch.
“We may also see contrasting patterns in the vote count in terms of who is ahead and who is behind in the early ballots versus those cast on the day of, much like we did two months ago,” Koning said in an email.
Republicans already control 50 seats following November’s elections and can remain the majority party in the 100-seat Senate by winning just one of the two Georgia races. They then would provide a check on policies backed by Biden and the Democratic-run House of Representatives.
Loeffler, as she has never been elected to her seat but was appointed to it — against President Trump’s wishes — late in 2019 upon Johnny Isakson’s retirement, technically remains a member of the chamber at present, while Perdue’s term ended Jan. 3.
Both betting markets and polls were signaling some confidence in the Democrats’ prospects, as MarketWatch reported Monday.
Read: Betting markets and polls give edge to Democrats in Georgia’s crucial Senate runoff elections.
U.S. stocks DJIA, +0.12% SPX, +0.28% COMP, +0.52% were trading mixed on Tuesday as investors monitored both the Georgia runoffs and the spread of COVID-19 due to a more transmissible variant that has led to stiffer lockdowns in some parts of the world.
U.S. Treasury yields TMUBMUSD10Y, 0.953%, meanwhile, edged higher in early Tuesday trade.
Victor Reklaitis contributed to this story.
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