President Trump's unsubstantiated claims of cheating stoked fears of a drawn-out count that will keep financial markets on edge.
The S&P 500 Index has risen 50% during Trump’s time in office, which he frequently touts as a measure of success. However, his true effectiveness is quite the debate with market participants. While the financial industry has benefitted from huge tax breaks and increased deregulation, Trump's tenure has been littered with volatility and unpredictability, particularly in international trade.
If trading in recent days is an indicator, Wall Street, and global markets appear to consider Democratic challenger Joe Biden as more predictable and better for the country.
Indexes are seesawing on coverage focusing on tightly contested swing states. Bank stocks have suffered as the possibility for greater stimulus under Biden fades. Conversely, the U.S. financial industry is also worried about higher corporate taxes, a fresh backflips on governance and compliance by a fervent consumer watchdog under Biden.
Regardless of the winner, history suggests the global financial community prefers the certainty of an actual outcome.