Investors on the Australian share market have lost the majority of Monday’s gains after most grew uneasy about early US Senate voting in Georgia, which could help Joe Biden’s progressive agenda.

The S&P/ASX200 benchmark index closed lower by 74.8 points, or 1.12 per cent, to 6607.1 on Wednesday.

The All Ordinaries was down 74.3 points, or 1.07 per cent, at 6881.4.

The ASX followed US futures lower as early voting results for two seats in the US Senate showed the Democrats ahead.

If the Democrats win both, they should control the Senate.

The US futures and ASX results suggest investors are concerned president-elect Mr Biden’s policies of tax reform and business regulation will affect financial returns.

Investors enjoyed a 1.47 per cent gain on the ASX200 on Monday, and little change on Tuesday.

The Aussie dollar was buying 77.73 US cents at 1622 AEDT, higher from 77.08 US cents at the close of trade on Tuesday.