A stock market expert compares the 2024 election to a tumultuous time when an opponent defeats an incumbent.
CFRA chief investment strategist Sam Stovall discusses whether the stock market rally will accelerate if Trump wins the election to ‘Make Money.’
Wall Street is becoming more and more convinced that former President Trump will come out on top in the highly anticipated election next week.
Shares of Trump Media & Technology Group (DJT) continue to rise, making a comeback from September lows, but what other signs point to that fate?
CFRA Research chief strategist Sam Stovall responded Tuesday, telling FOX Business’ Charles Payne that the sentiment this election cycle is unusual, reminiscent of another tumultuous time when a challenger defeated an incumbent.
“It’s happening [seem different this year]because we are up more than 5% since July 31st and, whenever the market is higher in that three-month period – July 31st to October 31st – the incumbent or group is re-elected 82% of the time, ” consider.
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Former US President Donald Trump prepares to speak during the Conservative Political Action Conference CPAC at the Hilton Anatole on July 11, 2021 in Dallas, Texas. (AP Photos)
“One of those times when it didn’t work out was 1968, and I have to say that this kind of election reminds me of ’68 when LBJ came out. Hubert Humphrey came in. The public was unhappy about the unpopular war in Vietnam. The way, today, questions are being raised about the decline. inflation and immigration, we had Chicago [Democratic] meeting. We also had the Fed cut interest rates before the election, but it didn’t seem to matter. The person who came into office ended up winning more than the person who was in charge.”
Some commentators on the highly contested and volatile election season have drawn parallels between the 1968 and 2024 races, each based on Presidents Biden and LBJ’s decisions not to seek re-election.
MLIV’s MLIV survey on the market outlook, shows that 38% of those questioned believe that Trump’s victory will “accelerate” the current market rally, compared to 13% if Vice President Harris wins.
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Those surveyed in Bloomberg’s MLIV Pulse survey believe the market is likely to accelerate its rally if Trump wins the election.
A large majority believed that the market would remain flat, slow, or turn into a loss if Harris won, however.
With less than a week left for voters to go to the polls to make their final decisions, former President Trump and Vice President Harris are deep in the polls, with the winner expected to walk away with a narrow victory.
Right now all eyes are on a set of key states – Michigan, Wisconsin, Pennsylvania, Georgia, Nevada and Arizona – it is thought that a narrow victory for either candidate will extend to these states.
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