Goldman Sachs Exchanges
What Trump’s win means for markets and portfolios
Nov 7, 2024
Christian Mueller-Glissmann, Head of asset allocation research at Goldman Sachs Research, and Brian Garrett, co-lead of the equity execution team, dive into the market's strong response to Trump's election win. They discuss the sharp rises in stocks, bond yields, and the dollar while exploring sustainable investment strategies in underperforming sectors. The conversation also touches on the impact of political changes on market volatility, interest rates, and the unique dynamics emerging as the 2024 financial landscape unfolds.
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Quick takeaways
- Trump's election victory triggered sharp rises in U.S. stocks, bond yields, and the dollar, echoing trends from 2016.
- Investors are shifting to an equity-heavy strategy while cautiously reassessing risk due to uncertainties in economic conditions and policy changes.
Deep dives
Market Reactions to Presidential Election
The victory of Donald Trump in the U.S. presidential election has led to significant market movements, with U.S. stocks, bond yields, and the dollar experiencing sharp increases. Investors appear to be leaning into 'Trump trades' reminiscent of the 2016 election, favoring sectors like banks, technology, and energy. Historical data from 2016 indicated a strong market rally following the election, which is being revisited as investors reassess their risk positions. However, there are concerns about whether this time the market will respond similarly, given current differences in the economic environment and anticipated policy changes.
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