Donald Trump had a much better night than Joe Biden. Markets are unfazed
CNN
There’s panic in the Democrat camp after last night’s US presidential debate but markets barely blinked as investors remain focused on more pressing issues for now.
President Joe Biden had a shaky performance in last night’s presidential debate, triggering panic in the Democrat camp. Former President Donald Trump, meanwhile, repeated multiple falsehoods while doubling down on his record of cutting taxes and hiking tariffs during his first presidential term. If repeated in a second Trump term, many economists fear that kind of agenda could stoke inflation at a critical moment and add to America’s rapidly growing debt mountain. Markets barely blinked. What’s happening: US stocks were higher in pre-market trading on Friday and CNN’s Fear & Greed index remained in neutral territory for a second consecutive day as investors shrugged off a contentious presidential debate that dominated the news cycle. Investors instead opted to focus on inflation — the Federal Reserve’s preferred measure, the Personal Consumption Expenditures (PCE) price index is due Friday — and the end of a strong first half of the trading year. “In the current environment, the path of inflation and interest rates, and whether the Fed can stick the soft economic landing will likely be more consequential than the election,” wrote Keith Lerner, Truist’s chief market strategist, in a recent analysis. Despite their different policies, under each of the past three US presidents, Barack Obama, Trump and Biden, the S&P 500 index has delivered an annual return of between 12% and 17%, Lerner said.
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