Strategists at JPMorgan Chase & co. and Morgan Stanley agree: bond yields will set the direction of travel for US equities in the aftermath of Tuesday’s election.
A win for Donald Trump together with a Republican sweep of Congress followed by limited moves in the 10-year Treasury yield on expectations of improving economic growth would be positive for equities, according to a Morgan Stanley team led by Michael Wilson. In that case, cyclical stocks such as financials and industrials would outperform, they wrote in a note.
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