Trump vs Harris Debate: How Did it Affect The Stock Market?

The US election has been the hottest topic in the whole world, as politicians, economists, and professionals from different industries witnessed the debate on September 10th.

Markets cautiously watched the Trump vs Harris debate unfold, with each candidate presenting their plans, tariffs, and tax strategies for various economic indicators. This comes in a timely manner as the Fed interest rate and inflation rates are in discussions, in addition to multiple socio-economic issues. 

Equities and indices experienced noticeable movements as the debate concluded. Let’s track how the Trump and Harris debate impacted the stock market.

Presidential Debate: Harris vs Trump

On September 10th, the two candidates for the US elections 2024 went head-to-head in a live discussion on their future agendas and plans for the country. There are different outlooks on the Harris vs Trump debate as it addressed crucial social, economic, national security, and political concerns.

Kamala Harris plans to increase the corporate tax rate from 21% to 35%, which is a major concern for businesses and companies. Business owners worry that such a decision might hurt profits, investments, and the overall economy.

On the other hand, Donald Trump favors cutting the corporate from 21% to 15. It is worth noting that Trump lowered this tax from 35% to 21% during his term.

Moreover, the ex-president has been trying to earn the crypto community’s support, endorsing Bitcoin and calling for further blockchain developments in the United States.

Trump vs Harris Debate Impact on The Stock Market

Outside the US presidential debate, another debate happened on who won the showdown, with betting houses altering their stakes on each candidate.

However, stocks were at different odds as each candidate had their own plans for national and foreign markets. Despite no significant swings on any side, there has been a noticeable action in some markets.

US Stocks

The US strength index, which assesses the local currency’s performance against top global currencies, slipped from 101.67 to 101.26, marking a 0.40% drop.

Moreover, the NASDAQ and S&P 500 E-mini futures markets experienced a similar slip. The NQ00 dropped from $18,807 to $18,770 just 30 minutes into the Kamala Harris vs Trump debate, which continued falling as low as $18,707, marking a 0.53% drop overall.

The S&P 500 Futures had a similar journey, losing $10 per share in 30 minutes before slipping to $5,472, marking a 0.32% loss.

Asian Stocks

Before the Trump vs Harris debate date, most Asian markets were not at their best times as Chinese stocks hit a 7-month low. Moreover, the historical economic war between Trump and China made the discussion a critical one.

The Shanghai Index continued falling from $2,790 to $2,720 a few days prior to the event, which reached as low as $2,715. The index lost over 2.75% in a few days and 0.18% in one day.

Hong Kong’s Hang Seng composite had a similar performance, falling by 1.5%, with a big drop as the September 11th session opened. One day after the debate, the index went from $17,250 to $16,986.

Conclusion

The Trump vs Harris debate was a significant event watched by local and global economists, market experts, and analysts who speculated about the impact of the discussion on their investments. 

Equities were in the spotlight as the presidential debate: Harris vs Trump affected US index markets and Chinese stocks, which marked multi-month low prices.