Former President Donald Trump has won the 2024 US presidential election, setting the stage for his return to the White House as the 47th president. Markets (^DJI, ^IXIC, ^GSPC) have reacted positively, with sectors like crypto surging on the news after weeks of uncertainty. Interactive Brokers chief strategist Steve Sosnick breaks down the market’s reaction on Yahoo Finance. “I think it started to vote yesterday. It certainly voted overnight,” Sosnick says. He notes that markets didn’t have a clear direction in favor of either candidate before the results, but “once it became apparent, all those trades rushed into play at once.” Sosnick believes Trump’s tax cuts from his previous term drove much of the market’s enthusiasm. “I think there was a little bit of a fear that if Harris had won, then the Trump tax cuts of 2017 might not have been extended,” forcing tax gain selling rather than tax law selling. Looking ahead, Sosnick does not expect the Trump victory to impact the Federal Reserve’s policy decision this week. “I think it will so out of character for the Fed not to cut rates tomorrow because they’ve telegraphed like crazy that 25 basis points is coming. The question will be how do they go forward.”
#stockmarket #youtube #Trump
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