Market Musings 7/23/2024
Quick thoughts on the markets and major portfolio news. Not on Ursa yet? Download Ursa from the App Store!
The Trump Trade takes a breather after President Biden drops out. Welcome to the new #HarrisTrade!
Markets have been rising ever since Biden dropped out over the weekend with the heir apparent－Vice President Kamala Harris.
So what does this mean for the market?
Well, ever since the Biden/Trump debate a few weeks ago, election forecasts have been heavily skewing in Trump’s favor－boosting stocks that’ll benefit from his policies (aka the #TrumpTrade).
These are things like steeper #RateCuts, less presence in global defense, weaker regulations and more tariffs.
While election forecasts still favor Trump, we’re seeing his lead narrow a bit and markets are adjusting for slightly different election odds.
For example, the #AI trade recovery some on Monday after the big pullback following his Taiwan comments last week.
There’s still a lot of time before the election and this is definitely a wrench in what the market previously saw as the US barreling towards a Trump reelection.
We’ll definitely highlight more market shifts as this new presidential race shapes up as well as what could benefit from the new #HarrisTrade.
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The statements, opinions and analyses presented here are provided as general information. This article is the opinion of the author. Anything within this article should NOT be considered an investment recommendation or advice. See Ursa’s full disclosures here.
Original Photo by Pixabay.