Investors are girding their portfolios for market moves ahead of the U.S. presidential vote, as election season kicks into higher gear with the Democratic National Convention in the coming week.
FILE PHOTO: The Wall Street sign is pictured at the New York Stock exchange in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri
“There’s plenty of reasons to believe that the election outcome is going to be drawn out,” said Lamar Villere, a portfolio manager at Villere & Co. “That’s going to show the cracks in a market that’s been priced for perfection.” The incumbent president has tended to win the White House when the S&P 500 index has risen in the three months before the election, data from TD Securities going back to 1930 showed.
Biden leads Trump by 8 percentage points, according to a Reuters/Ipsos poll released Wednesday after Biden had selected U.S. Senator Kamala Harris as his running mate. A proposed corporate tax rate increase to 28% could shave about 5.5% off 2021 S&P 500 earnings, lower capital spending by around $50 billion and lead to a $100 billion decline in stock buybacks, according to J.P.Morgan.
A Trump re-election, meanwhile, could allay concerns over higher taxes but spark renewed fears of U.S.-China trade tensions, said Stephen Innes, Chief Global Market Strategist at AxiCorp.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Father and Son Investment Bankers Describe Wall Street RegretsW. Don Cornwell saw progress on race during his career at Goldman Sachs, but both he and his son, K. Don Cornwell, say more is needed.
Weiterlesen »
Wall Street again falls just short of S&P 500 recordAnother afternoon fade for stocks left Wall Street just shy of a record, after the S&P 500 briefly crossed above its all-time closing high for the second straight day.
Weiterlesen »
Stocks drift on Wall Street following latest run at recordStocks drift lower in early trading on Wall Street, pulling the S&P 500 further away from the record high close it’s been flirting with over the past few days. The benchmark index was down 0.1%, though it’s still on track for a solid weekly gain.
Weiterlesen »
Bill and Melinda Gates-backed coronavirus vaccine maker soars in Wall Street debutThe race for a successful coronavirus vaccine is heating up in labs around the world — and on Wall Street. Germany's CureVac, a biotech company with the backing of the Bill & Melinda Gates Foundation, more than tripled in its first day of trading Friday.
Weiterlesen »
Ant’s dual listing could double cross Wall StA chunk of the $150 bln fintech giant will be sold on Shanghai’s new tech board, where IPO fees are as generous as in New York. Foreign banks in Hong Kong could be left with a smaller share of the pie. If more issuers follow Ant’s march, Wall Street’s dues are in for a reckoning.
Weiterlesen »
Coronavirus relief negotiations hit another wall, talks of merging aid with government funding worries expertsCoronavirus relief talks hit a wall once again as negotiators appeared completely unable to find common ground and lawmakers poised to leave Washington for the month-long August recess.
Weiterlesen »