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…