Democratic US presidential candidate and former Vice President Joe Biden holds a duplicate of his schedule and notes as he remarks on US President Donald Trump and Biden’s proposals to guard US throughout a marketing campaign rally in Warren, Michigan, USA, on Sept. Jobs provides. 2020.
Leah Millis | Reuters
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Former Vice President Joe Biden’s polling charge elevated the chance of a democratic turnaround in November, and that may very well be unhealthy information for tech shares, in accordance with a brand new launch from Raymond James.
The financial institution has damaged down the outlook for tech and media shares in numerous eventualities for the political scenario, and has estimated the chance of President Biden with Democrats holding each Homes of Congress at 50%. That mixture may very well be worse for the tech sector than latest intervals of Democrats in energy, the press launch mentioned.
“Traditionally, expertise has by and enormous carried out a lot better underneath Democratic administrations, whereas telecom / media has fared a lot better underneath Republican administrations. Nonetheless, the nuances of this election and every get together’s political priorities make for a extra advanced story than it will get would think about simply taking a look at previous efficiency. ” “mentioned the notice.