US STOCKS-Futures edge higher after pullback on Wall Street; Georgia runoffs in focus

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* Futures up: Dow 0.24%, S&P 0.27%, Nasdaq 0.34%

By Medha Singh
Jan 5 (Reuters) - U.S. stock index futures inched higher on
Tuesday following Wall Street's grim start to the year as
investors looked to twin Senate runoff elections in Georgia that
would determine the balance of power in Washington.
A Democratic victory in both races could tip control of the
Senate away from Republicans, potentially boosting the agenda of
President-elect Joe Biden.
While a "blue sweep" of Congress could usher in greater
fiscal stimulus to aid the coronavirus-ravaged economy, it could
also pave the way for Biden to push through greater corporate
regulation and higher taxes, hurting some areas of the market.
Latest polls from data website 538 https://projects.fivethirtyeight.com/georgia-senate-polls
gave a slight edge to both Democratic candidates in their
respective races.
The Cboe Volatility Index .VIX eased after closing at its
highest level in two months in the prior session when Wall
Street's indexes dropped to two-week lows as investors braced
for a "Blue Sweep". While the start of vaccine rollouts and massive monetary
support powered the major U.S. stock indexes to record levels,
the discovery of a more contagious strain of the coronavirus and
the latest virus-related curbs have muddied the economic
outlook.
A reading of ISM's manufacturing sector PMI is expected to
drift lower for a second straight month in December. The Federal
Reserve's minutes from its latest policy meeting as well as
monthly employment report are also on tap this week.
At 06:19 a.m. ET, Dow E-minis 1YMcv1 were up 72 points, or
0.24%, S&P 500 E-minis EScv1 were up 9.75 points, or 0.27%,
and Nasdaq 100 E-minis NQcv1 were up 34.5 points, or 0.27%.
Chipmaker Micron Technology Inc MU.O rose 4% after
Citigroup raised its rating on the stock to "buy" from
"neutral".