- With polls increasingly signaling a victory for Joe Biden in the presidential race, investors should shift their focus to Senate races, Morgan Stanley said Wednesday.
- Senate election outcomes “will mean the difference between substantial fiscal expansion and fiscal gridlock,” strategists led by Michael Zezas wrote in a note to clients.
- Treasuries and West Texas Intermediate crude oil are least priced for a so-called blue wave, the bank said.
- A Democratic sweep could temporarily drag stocks lower and create a “potential dip-buying opportunity,” the team added.
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November’s Senate elections will determine whether investors can look forward to a wave of new fiscal relief or face a prolonged legislative stalemate, Morgan Stanley strategists said Wednesday.
Polls and prediction markets have increasingly pointed to a victory for Joe Biden in the presidential race. Republicans would need a “game-changing event” to keep