President Donald Trump’s push to replace Ruth Bader Ginsburg on the U.S. Supreme Court before the election has made Wall Street skittish.
The Republican-led Senate seems poised to take up Trump’s nominee before an election whose results the president has already questioned, and analysts say that politically toxic combination has made the Nov. 3 election extremely risky for investors, reported Axios.
“Not getting the election results in a timely manner will be destabilizing,” said DRW Trading strategist Lou Brien. “Especially in light of how divided the country appears to be now. I think stock market moves will be violent intraday and the prevailing trend will likely be down, maybe sharply so.”
Analysts say the 2020 election is the most expensive event risk on record, according to Bloomberg, with insurance bets on implied volatility at six times their normal level, and a presidential election winner may not be known for days or even weeks.
The Supreme Court fight after Ginsburg’s death only heightens the tensions — and risks to investors.
“Where we could get in a scenario that’s quite challenging is where we don’t actually know the makeup of Congress, primarily the Senate, or even worse the president,” said Stephen Dover, head of equities for Franklin Templeton. “It would be very hard to pass stimulus until that’s cleared up.”
Arizona Republican likens Trump’s loss to Japan getting nuked while losing WW II — but as a good thing
President Donald Trump on Monday allowed President-elect Joe Biden's transition to proceed -- while vowing he would never concede.
Despite Trump losing the election, some Trump supporters are refusing to accept the outcome.
One Arizona Republican in Congress, Paul Gosar, drew upon the historical knowledge him learned on his way to becoming a dentist in a bizarre analogy he posted on Twitter.
Gosar suggested the Trump movement would be like an Imperial Japanese soldier in World War II who refused to surrender until 1974.
Neal Katyal predicts law schools will teach a ‘Worst Mistakes in Court’ class on Trump’s ‘pathetic’ 20-day fiasco
Prominent lawyer Neal Katyal is best known for having tried over 40 cases before the United States Supreme Court and serving as acting Solicitor General during the Obama administration.
But he also has spent more than two decades as a law professor at Georgetown.
He drew upon all of that experience for a Monday evening appearance on MSNBC's "The Last Word" with Lawrence O'Donnell.
"Someday a law school class is going to be called 'The Worst Mistakes in Court' -- and it will be just about these 20 days," Katyal predicted. "Because this legal strategy is so pathetic it makes Trump's coronavirus strategy look competent by contrast."
Trump vows he ‘will never concede’ — in 11 pm conspiracy-filled rant
Donald Trump lost the 2020 presidential to President-elect Joe Biden, but is still refusing to concede.
White House aides reportedly convinced him to allow Biden to begin his transition by telling him he did not need to use the word "concede."
But that word appeared to be on his mind late Monday night.
"What does GSA being allowed to preliminarily work with the Dems have to do with continuing to pursue our various cases on what will go down as the most corrupt election in American political history?" Trump asked while continuing to lie about the election being corrupt.