Tags: Donald Trump | Financial Markets | Joe Biden | Money | Trump Administration | Trump Tax Reform | stocks

CNBC Poll: Investors Say Stocks to Fare Worse Under Biden

a man grimaces in front of a decline stock price chart on wall street
(Richard Drew/AP)

By    |   Monday, 28 December 2020 05:48 PM

Two-thirds of Wall Street investors said a Joe Biden presidency will be worse for stocks than they were under President Donald Trump, according to a CNBC survey released Monday.

Despite this, two-thirds of those surveyed said the Dow Jones Industrial Average will finish next year at 35,000, which would mean an approximately 16% gain.

Five percent said the Dow could even reach 40,000 by the end of 2021, while 10% said it will fall to 25,000, and 18% said it will drop slightly to 30,000.

This compares to the approximately 60% increase since Trump's inauguration four years ago.

Many investors cited a reversal of Trump's corporate tax cut, which Biden has said he would do, as a move that would take a significant chunk out of earnings.

The experts said some sectors would fare better than others, with utilities, consumer staples, and energy having the most difficult time outperforming the Trump administration, which created a market-friendly environment for such industries by relaxing many regulations.

In contrast, consumer discretionary, industrials, and financials are expected to perform the best under a Biden administration.

In addition, when asked which new investment their clients will tap into next year, 58% said special purpose acquisition companies, 33% said Bitcoin, and 9% said options.

The survey was conducted among more than 100 chief investment officers, portfolio managers and CNBC contributors who manage money and was carried out from Dec. 14-23.

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Two-thirds of Wall Street investors said a Joe Biden presidency will be worse for stocks than they were under President Donald Trump, according to a CNBC survey released Monday.
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2020-48-28
Monday, 28 December 2020 05:48 PM
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