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Investors were in a flurry to adjust their positions on Wednesday after a closely-watched debate between Republican Donald Trump and Democratic Vice President Kamala Harris. Following the event, betting markets shifted in Harris’ favor, leading to significant movement in various sectors of the market.
Shares of Trump Media & Technology Group, the parent company of Truth Social, saw a decline of around 14% on Wednesday, while bitcoin and crypto Stocks also retreated. On the other hand, solar Stocks, which analysts believed would benefit from a Harris win, rallied, while healthcare shares fell.
During the combative debate, Trump and Harris clashed on multiple issues including the economy, immigration, and Trump’s legal troubles. While the market did not receive many new details on key issues such as tariffs, taxes, and regulation, online prediction markets reflected a higher likelihood of a Harris victory in November.
Despite the focus on the presidential race, other market catalysts like concerns over the U.S. economy‘s softening and uncertainty regarding interest rate cuts by the Fed have been at the forefront. Even a small shift in perceptions of the candidates could have a significant impact in a closely contested race that may come down to a few battleground states.
Following the debate, investors reacted in different sectors of the market. Trump Media & Technology Group’s shares suffered a decline, as did cryptocurrency-focused companies like Riot Platforms and Marathon Digital. Conversely, solar companies like Sunrun and SolarEdge Technologies saw an increase in their stock prices.
Health insurer Stocks including Humana, CVS Health, and UnitedHealth were down, possibly due to concerns over Harris’ plan to lower drug prices.
The economic policies of the candidates differ, with Trump advocating for lower corporate taxes and a tough stance on trade, while Harris has proposed raising the corporate tax rate. The outcome of the election will play a significant role in shaping economic policies next year.
Overall, while the debate did not provide much clarity on policy issues, the makeup of the Senate and the House will play a crucial role in determining future economic policies.
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Emma Collins, graduated in Financial Economics from the University of Chicago in the USA in 2016. She has since worked at an asset management firm in New York, where she specializes in investment strategies and portfolio management. Emma has a keen interest in financial analysis and has published several articles in renowned financial journals. Her work focuses on providing actionable insights to investors, and she is known for her forward-thinking approach to managing financial portfolios.
