Update: Democrats win Georgia and North Carolina, Moody holds Florida, Texas Senate "leans D"

Democrats have won the two Senate races that mattered most early tonight. AP projected that Sen. Jon Ossoff won re-election in Georgia and that former Gov. Roy Cooper won North Carolina, a flip from Republican to Democratic. The Financial Times and AP headlines on our board say the same. This updates our 8:41 p.m. ET report with only what has changed, as of CNBC\'s live blog, updated 9:14 p.m. ET.

What is new

• Georgia is settled. Republican Rep. Mike Collins conceded, saying "the results may not be what we wanted tonight," CNBC reported.
• Florida stays Republican. AP projected Sen. Ashley Moody (R) the winner of the special election over Angie Nixon (D). Earlier, CNBC\'s Election Desk had called the race too close to call.
• Texas "leans D." CNBC\'s Election Desk said at 9 p.m. ET, as polls closed, that the race between James Talarico (D) and Ken Paxton (R) leans Democratic. That is a lean, not a call. Talarico would be the first Democrat to win statewide in Texas since 1994.
• South Carolina is "too close to call" per CNBC\'s Election Desk, in a race between Sen. Darline Graham (R) and Annie Andrews (D). CNBC noted the state has not elected a Democrat to the Senate since 1998.
• House: the Election Desk still says control "leans Democratic" and now estimates Democrats will win at least 205 of 435 seats, up from 200, with Republicans at least 160. A majority is 218, so this is still not a call.

The Senate math

Republicans entered the night with 53 seats, so Democrats need a net gain of four for a 51-seat majority. Counting only AP projections we have confirmed, the net so far is one Democratic flip, North Carolina. Georgia and New Hampshire were Democratic holds. Florida was a Republican hold. Everything beyond that, Texas, South Carolina, Ohio, Maine, Michigan, Iowa and Alaska, is uncalled in what we read.

What it means for markets

The Democratic calls came as our Nightcap reported Nasdaq 100 futures down about 1.6% from the 4 p.m. ET level, in a drop that began right after 8 p.m. We cannot attribute that to the election alone: the index was already well below its October 6 peak. We have no newer futures reading we can verify, so check live quotes.

The practical point for business owners is timing. Control of the Senate decides who confirms nominees and passes funding bills for the next two years, but it will not be settled by Wednesday\'s open if Texas and several other states stay uncalled. Close races can take days to count.

Sources: CNBC live coverage, with vote data and race projections from the Associated Press, and CNBC\'s Election Desk estimates; AP News and Financial Times headlines; Yahoo Finance. Race calls are attributed to the outlet that made them and are not ours. Results are unofficial and change. This is market information, not investment advice.