Citigroup strategists say both Trump and Harris's political platforms appear negative for US stocks, with the Democratic candidate's plan to raise corporate taxes having the greatest impact. The bank's analyst, Scott Chronert, said Harris's plan would reduce the fair value of US equities by 4% to 6%. Meanwhile, the Republican candidate's policy plan's impact is between 0% and negative 4%. Strategists say Trump's plan would deliver the biggest blow to the US fiscal deficit, which will be a key issue going forward.

Trump has pledged to reduce the federal corporate tax rate from 21% to 15%, while Harris has proposed raising the rate to 28%. Goldman Sachs strategists estimate the US election could have a significant impact on S&P 500 earnings, with Trump's tax cuts boosting earnings and Harris's plan reducing profits. Citigroup said overall, investor sentiment on a soft landing, Fed action, and tailwinds from artificial intelligence are bigger drivers of US equities than the November 5th vote.