Meanwhile, the dollar dipped following comments from Federal Reserve Chair Jerome Powell.
U.S. bond yields for longer durations increased based on the assumption that Trump’s policies would contribute to higher government debt and inflation. Simultaneously, crypto stocks and bitcoin saw a rally, with Trump positioning himself as a proponent of cryptocurrency.
Investors anticipate that a Trump victory would lead to more tax cuts and a looser regulatory environment, benefiting certain sectors. As a result, the S&P 500 energy sector gained 1.6%. On the online betting platform PredictIt, contracts for a Trump election victory traded at 68 cents, up from 60 cents on Friday, with a potential payout of $1. Contracts for a Biden victory were at 26 cents.
This story is from the July 17, 2024 edition of The Business Guardian.
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This story is from the July 17, 2024 edition of The Business Guardian.
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