One portfolio manager says investors can expect some uncertainty around the U.S. presidential election but longer-term growth in U.S. markets.
Grant White, a portfolio manager and investment advisor at iA Private Wealth, said in an interview with BNN Bloomberg Monday that investors can expect “a bit of uncertainty around the election tomorrow.” He highlighted that there has been some market volatility throughout the year, which he expects will continue in a tight election race.
“I would be really cautious about trying to make a big bet one way or the other in terms of where the markets are going to head in the next few weeks,” White said.
Bloomberg News reported last week that in the lead up to the election, shares of Trump Media & Technology Group Corp. rallied, at one point adding more than US$7.9 billion in value to the company. Some market participants anticipate the company would benefit strongly if Donald Trump were to be elected again.
“The shares of Trump media I think are fascinating to watch because they have been incredibly volatile over the last number of months. Over the last few months, we’ve been seeing some increases,” White said.
“But more recently, we’re starting to see a sell off there as well. And so, it’s really hard to gauge what value you can place on that.”
Once the election is over White said he sees upside and stability for U.S. markets.
“One way or the other, I think that the markets are going to like moving forward from this election. I mean, we’re going to get past the uncertainty (and) we’re going to get answers to some of our questions that have been holding back markets,” he said.
“I do think that the markets are looking strong though. I think over the next 12 to 24 months, there’s a lot of good reasons to think that things can go higher from here. I still like the U.S. market overall.”