US stocks (^DJI,^GSPC, ^IXIC) closed higher as investors wait for the results of the US election. Infrastructure Capital Advisors CEO Jay Hatfield joins Market Domination Hosts Julie Hyman and Josh Lipton to break down what the election means for markets. "We actually have a differentiated view, which is that it really doesn’t matter that much unless there’s a sweep by one side or the other," Hatfield tells Yahoo Finance. He notes "We think generally these trades are overdone, with the one exception that major changes in corporate tax rates can be great or horrific for markets." Hatfield says he’ll be focused on the Senate race, explaining "We don’t think it’s knowable on the House or the presidential [election], but the Senate is completely different. It’s [an] almost unprecedented advantage to the Republicans. And it’s in states that aren’t driven as much by turnout. They’re not swing states. You could very well get this Senate locked up, which would create stability in the markets and probably spark a rally. And that’s why we increased our [S&P 500] target, not for this year, but for next year … Just to tell people, even though the market’s expensive, we still think you should stay long through the end of the year." "We think the stock market might be better off assuming divided government with a Harris presidency," he says, explaining that a second Trump presidency would result in a Democratic sweep come midterms which could create fears of instability in the market.
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