Tech and healthcare stocks are big winners
Stock markets globally gained yesterday as Democratic nominee Joe Biden neared victory in the US presidential election. On a monumental day that saw Biden gather the most votes of any Presidential candidate in history, US stock futures then extended those gains yesterday evening as more states turned blue. The big winners were technology giants and the healthcare sector, which may well end up with their dream scenario of a Biden White House and a Republicancontrolled Senate. Without both houses, Bidens ability to pass tax increases and increase regulation will be restricted, while tech firms are eyeing a smoother relationship with China which is crucial both to supply chains and as a market for tech products. If the Democrats fail to win a Senate majority, Biden will be restricted in his ability to reform healthcare and increase regulation there.