Buffalo, N.Y. (WBEN) - As America settles in for the race between Kamala Harris and Donald Trump for the White House, one investment expert says another factor is moving the needle more than the race itself.
Up until last week, Michael Angelucci of Level Financial Advisers says investors were preparing a 2020 rematch between Joe Biden and Trump. Now, he's not sure if investors will have it figured out since Harris has taken over for Biden on the Democratic ballot.
"Both candidates have some economic platform, ideas that may go counter to what the markets want. But I think we're gonna have to see as the coming weeks progress, and especially after the Democratic Convention," said Angelucci in an interview with WBEN.
Angelucci says there's a post convention bump, and he and others will get a better sense of what Harris' economic agenda is going to be, and how that may affect the markets.
The Presidential race has not been the biggest factor on Wall Street recently, according to Angelucci. He says it's the selloff in the tech industry.
"I think for a while that has been probably overvalued, by most metrics, that value these things, and there's been some movement where it looks like inflation is under control," Angelucci said.
Angelucci says the Fed is leaning toward lowering interest rates, and people are unwinding their investments in the tech stocks and moving them into smaller company stocks that benefit from lower interest rates.
Heading into the November election, Angelucci is telling clients not to worry about whether it'll be a Democrat or Republican in the White House.
"I've got a graph that goes back the 1920s, and it shows every president and shows the market going up over those periods. Obviously, during the Great Depression, the markets went down. But since that point, almost every presidential period, whether it was a Democrat or Republican, it showed a positive market increase," Angelucci explained.
On Friday, the Dow closed at 40,589, the Nasdaq was at 17,358 and the S&P was at 5,459.
