A strategist at JPMorgan wrote Monday that a lot can happen before the presidential election in November, “but we currently believe that momentum in favor of [President] Trump will continue, while most investors are still positioned for a [Joe] Biden win.”
Marko Kolanovic, who was correct in predicting the stock rally after Trump’s win in 2016, pointed to the recent protests and bias in polls as a driving force behind Trump’s recent gains, according to Bloomberg.
He said public perception of the protests that have broken out in various cities could be an important factor in the race. Democrats could see up to 10 points shifted to the Republican side if the public perception of the protests sour, and the demonstrations begin to be seen as more violent than peaceful.
Trump attacked Biden on Monday and tried to tie the Democrat to the unrest across the U.S. Biden tried to put blame on Trump for continued violence.
Biden condemned the violence amid the protests, stressing that “rioting is not protesting. Looting is not protesting. Setting fires is not protesting. None of this is protesting. It’s lawlessness, plain and simple. And those who do it should be prosecuted.”
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Trump hinted that the fact that Biden was forced to denounce the protests is evidence that the polls are tightening and said the “violent rioters” share the same agenda for the country as Biden. He said Biden seemed to mainly blame police and law enforcement during the speech.
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Trump recently launched a new attack on Democratic vice presidential candidate Kamala Harris, speculating on the possibility that she could assume the presidency from the 78-year-old Biden. “You know I want to see the first woman president also, but I don’t want to see a woman president get into that position the way she’d do it, and she’s not competent,” Trump said. “She’s not competent.”
The Associated Press contributed to this report
