Finance

Wall Street is underpricing a Biden win: Wells Fargo’s Chris Harvey

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Wells Fargo Securities’ Christopher Harvey believes the market is underestimating a major risk — and it’s not the coronavirus.

According to the firm’s head of equity strategy, a Joe Biden presidential win could throw Wall Street a curve ball and hurt the recovery.

“We just don’t think it’s fully priced into the market place at this point,” he told CNBC’s “Trading Nation” on Friday. 

The concern: A Biden win could result in changes to the tax code which would be a negative for stocks.

Biden is moving up in the polls,” noted Harvey. “What does that mean for taxes? Can they [Democrats] win? Not just the White house, but can they win the Senate, as well?”

His warning comes as investors try…



Source cnbc.com

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