(Bloomberg) — The stock market waned in the final stretch of a solid quarter, with traders keeping a close eye on any news regarding the US presidential race and remaining cautious ahead of Sunday’s elections in France.
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Traders are rearranging their positions in the aftermath of the debate between Joe Biden and Donald Trump. Biden’s shaky performance boosted sentiment around Trump’s odds for securing a second term in the White House. Private prisons, oil and health-insurance firms — some of the groups that would potentially win from another Trump presidency — rallied, while renewable energy and pot stocks sank. Treasury curve-steepening also followed the presidential debate.
“A very bad night for Biden,” said Libby Cantrill at Pacific Investment Management Co. “For markets, the biggest takeaway from last night is that deficits will remain high and tariffs are likely going up, especially if…
