Why a Biden election victory will lift a group of beaten-down stocks at the expense of market leaders, according to JPMorgan
The market could be on the verge of experiencing an internal rotation out of the winners and into the losers, sparked by a Joe Biden win this November, JPMorgan said in a note on Monday.
JPMorgan pointed to the 2000 election with Al Gore and George Bush as proof that the market won't do well in a contested election scenario between Trump and Biden. The S&P 500 fell 12% between the 2000 November election and shortly after Gore conceded that December. But a turn in the market leaders, like growth and technology stocks, "might be coming" after the November election, JPMorgan said.
A successful COVID-19 vaccine would help hasten the reopening of the economy, which in effect would benefit value stocks that are more tied to the physical economy. But a bigger benefit to value stocks would be a strengthening US dollar and a rise in Treasury yields, according to JPMorgan.
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