After punching the day with new highs, Dow and S&P 500 deflected as low as 600 points on the first trading day of 2021. This dip, causing worry in the investors, occurred ahead of the high-stakes runoff election in Georgia.

Just when pandemic recovery was on the cards, following the record highs set last week, investors took a more cautious position ahead of the runoff election in Georgia, which will decide the balance in the Senate, analysts said, according to CNN.

A 0.3% pop in opening trade was reversed when Dow down 0.3% and S&P down 0.2% shortly. NASDAQ 100 was 0.55% down from its last session low of $12,804.80 and 1.315% down from its last session high of $12,904.10.

Coca-Cola (KO) and Boeing (BA) performed the worst and all S&P sectors were in the red.

According to CNN reports, Mark Haefele, chief investment officer at UBS Global Wealth Management, in a note to clients said,”Despite some familiar issues, we believe that global stocks have further room to rise in 2021, and that low interest rates continue to make equity valuations look attractive relative to bonds and cash.”