Stu Varney: 'People will start unloading stocks' if it looks like Biden will defeat Trump

Stuart Varney warns of big market losses if Trump loses election

Investors know a Biden presidency means massive tax increases that will slow the economy, Fox Business Network host Stuart Varney says.

Fox Business Network host Stu Varney appeared on "Fox & Friends" Monday, saying that if presumptive Democratic presidential nominee Joe Biden wins the 2020 presidential election the stock market will “go straight down.”

“A major loss in the stock market if Joe Biden wins,” Varney said.

“If he looks like he’s going to win before November 3, people will start unloading their stock holdings.”

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Meanwhile, coronavirus remains the top issue to voters, as over half of them disapprove of how President Trump’s handling it, and they increasingly trust Joe Biden to do a better job on it.  That keeps Biden ahead in the presidential race, according to a Fox News survey of registered voters.

Biden leads by 8 points over Trump, 49-41 percent.

That advantage is outside the margin of error. However, neither candidate receives 50 percent support and 10 percent are undecided/back someone else — and the race has narrowed since June, when the former vice president was up by 12 points (50-38 percent).

There’s a large gender gap, as Trump is ahead by 5 points among men, while Biden is up 19 among women. Biden also leads among Blacks (+64), Hispanics (+30), millennials (+22), suburban voters (+11) and independents (+11).

Seven percent of those approving of Trump’s job performance back Biden.

[Trump's] ratings on the economy split 47-47. That’s down from a high 56 percent approval in January and is only the fourth time he hasn’t received positive marks on the issue. Currently, just 26 percent say they are better off than four years ago and most, 69 percent, rate the economy negatively.

Trump’s overall job rating is upside-down by 9 points: 45 percent approve and 54 percent disapprove. Last month, it was 44-55 percent. His best ratings, 49-49 percent, came in April.

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Varney said that more than 100 million Americans have a 401(k) retirement fund or an IRA tied to the stock market.

“If Biden wins, you know that a massive tax increase is coming for both businesses and individuals. State taxes go up, profit taxes go up, all across the board, taxes go up. That will inevitably slow the stock market down,” Varney said.

“I’m saying that if Biden is a winner, especially if he picks Elizabeth Warren as his vice president, watch out below, look out below because this market is going south,” Varney said.

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