Unpacking Super Tuesday (Capital Market Research) (Weekly Market Outlook

Voters from 15 states and American Samoa flocked to the polls on Super Tuesday to cast their ballots for their desired candidates in the presidential election. In total, 854 Republican and 1,420 Democratic delegates were up for grabs. As expected, incumbent President Joe Biden and former President Donald Trump emerged as the clear front-runners in the presidential race, setting up 2024 to be a hard-fought rematch of the previous election. Super Tuesday does not change our expectation for the upcoming election. We maintain our projection that Biden will win reelection, with the solid U.S. economy acting as a tailwind. Also, the January Job Openings and Labor Turnover Survey did little to change the narrative about the labor market. The biggest concern remains the deterioration in hiring that has been ongoing for more than a year.