(October 2020)
Wall Street has been all over the place in its prognostications for this election. The clear market trend over the last few weeks has been higher alongside gains in the polls by Biden. Some think a Biden win would be good for markets, but today a Wall Street strategist, David Kalayjian, is warning of a 5% drop in the S&P 500 if Biden emerges victorious. “A lot of people are worried because they don’t have the details of the Democrats policies. So, the potential blue wave causes uncertainty and will be negative for the markets for a long time”, says Kalayjian.
(Washington)
FINSUM + Magnifi: To be clear, this view is a contrarian one, as there are numerous firms, like JP Morgan and Barclays, saying that market may rise and volatility will be lower if Biden wins. For instance, Barclays says that if Biden has a clear victory then the VIX will plunge to pre-COVID levels.
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