President-elect Joseph R Biden is projected to have won the 2020 presidential race by that same margin, but a traditional transfer of power seems unlikely and the coming weeks are only the beginning of legal challenges that will occur alongside mandatory recounts for many states.
Wall Street hates uncertainty and would like to know if President Donald Trump is getting closer to admitting defeat. Trump has been busy on Twitter, with many believing he is nearing to accepting the election outcome. One tweet said, “He won because the election was rigged…,” but shortly after many media outlets suggested this was a sign President Trump was coming to grips with the election vote, he clarified that is not the case. Trump is not done fighting as subsequent Tweets point that out, “He only won in the eyes of the FAKE NEWS MEDIA. I concede NOTHING! We have a long way to go. This was a RIGGED ELECTION!”
Despite Trump’s efforts, Biden is widely expected to become the 46th President of the United States of America, but it will take weeks for him to be certified the winner of the states he won. Wall Street seems content with a Biden administration and a Republican-held Senate. Election Day ended up having the Republicans perform better-than-expected in both the House and Senate races. The Senate will be able to prevent any sweeping tax reform or changes to regulation. Republicans have also signaled that massive spending and infrastructure initiatives will have to be dialed down.