Democratic U.S. presidential nominee and former Vice President Joe Biden holds a copy of his schedule and notes as he delivers remarks about U.S. President Donald Trump as well as Biden's proposals to protect U.S. jobs during a campaign event in Warren, Michigan, U.S., September 9, 2020.The polling strength of former Vice President Joe Biden has raised the odds of a Democratic sweep in November, and that could be bad news for tech stocks, according to a new note from Raymond James.
The bank broke down the outlook for tech and media stocks in different scenarios for the political situation, putting the odds of a President Biden with Democrats holding both houses of Congress at 50%. This combination could be worse for the tech sector than recent periods of Democrats in power, the note said.
"Historically, technology broadly has done much better under Democratic administrations, while telecom/media has done better under Republican administrations, but the nuances around this election and policy priorities of each party create a more complex story than one would perceive simply looking at past performance," the note said.
Pro This is an impotent news
Pro Tech stocks? How about energy? Banks? Industrials? Materials? Pharmaceuticals? All these industries were attacked by the new crazy left he is hostage to.
Pro
Pro Dems aren't going after their golden goose (except Facebook that is a steaming pile of shit on Americas doorstep) with anti trust issues
Pro Tech stocks need chinese thirsty of tech demands. Just rewrite the deal then everything is fine to go on. Trump must be out since he wants larry cutlow to cut him down from a tree.
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Pro Market doesn’t care about who wins President . Cramer said it last week.
Pro Bullshit! Markets will thrive, or crash, regardless who wins. Markets are based on 50% fundamentals and 50% emotions.
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Pro Pulling Americans out of this virus crisis is more important than tech stocks. Dead people can’t spend money.
Pro To bad Biden has no chance. The stock market would crash if he were to win.
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