Market Activity Points to Kamala Harris Win, Jim Cramer Says: CNBC

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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Last updated:

November 5, 2024 11:47 EST

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CNBC’s Mad Money host Jim Cramer suggested on Monday that recent market activity may indicate that traders expect Democratic nominee Kamala Harris to win the 2024 U.S. presidential election.

Market Signals Point to Kamala Harris Win, Says Jim Cramer

“I’m not sure the market’s right about what a Harris presidency would mean for business. But now, we have a blueprint for what Wall Street thinks it will mean,” Cramer explained.

Cramer highlighted the home-building sector, citing strong performances from Toll Brothers, Lennar, and DR Horton.

He suggested that traders may be anticipating Harris’s proposed tax breaks for first-time home buyers as a factor in these stocks’ gains.

Additionally, he noted the success of import-friendly brands like E.l.f. Beauty and Constellation Brands, suggesting that Harris’s favorable trade stance could be benefiting their performance.

“I like the idea that you can now get a jump on what traders think,” he added. “Then again, I don’t regard traders as the best prognosticators of anything other than what other, slower traders might do within the next day or two—not worth changing our portfolio over. I say stay the course.”

2024 U.S. Presidential Election Nears Final Vote

Cramer’s commentary comes as voters head to the ballot box in what could be one of the closest presidential elections in U.S. history.

Latest national polls on Tuesday place Harris narrowly ahead with 48% compared to Trump’s 46.8%.

Trump has widely embraced the blockchain sector throughout his campaign, vowing to enact a crypto-friendly regulatory framework and fire United States Securities and Exchange Commission (SEC) Chair Gary Gensler should he reclaim the Oval Office.

Most recently, the former reality television star warned American crypto entrepreneurs at the launch of his family’s crypto platform, World Liberty Financial, that they would be “living in hell” if he loses to Harris.

“If, for some reason, bad things happen and we don’t win the election, those who are free as a bird right now in the crypto world could face scrutiny the day after the election if they win,” he said.

Harris has pledged balanced crypto regulations if elected. However, with both candidates running neck-and-neck, the outcome remains highly uncertain.