Trump says “the stock market will drop down to nothing” if he's not reelected. But a Biden win would be “neutral to slight positive” for equities, JPMorgan says.
The holiday weekend has done nothing to slow the positive momentum for U.S. stocks. Strong U.S. jobs data buoyed investors on Thursday and the three major benchmark indexes made significant gains at the open on Monday. The Dow Jones Industrial Average DJIA, +1.20% was 1.2%, or 310 points higher in early trading.
JPMorgan’s strategists note that Biden’s policy priorities were initially set out pre–COVID-19 and would surely shift. “Given the current economic weakness, business recovery and job growth are likely to be prioritized over policies that could dampen economic growth and perhaps even jeopardize the desired 2022 midterm election outcome,” the investment bank’s U.S. equity strategy team said in a note.
A minimum-wage hike would have a positive impact on consumer spending and would be a net positive for S&P 500 companies despite higher costs and some employment losses, according to JPMorgan. “Distinguishing winners and losers will depend on businesses who will see incremental demand due to rising disposable income, lower labor intensity and higher margins.”
The world’s second-largest cinema operator, Cineworld CINE, -4.58%, said on Monday that Canada’s Cineplex CGX, +1.41% has started legal proceedings against it in relation to the termination last month of a proposed acquisition.
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