Bull Market Won't Be Derailed, Rockefeller's Chang Says

Global financial markets are currently navigating a complex landscape of geopolitical tensions, including the Iran-Israel conflict and the Ukraine-Russia war, while primarily focusing on the upcoming U.S. presidential election. Although exogenous shocks often trigger temporary surges in safe-haven assets like gold and oil, investors have become conditioned to look past these events unless a significant escalation occurs. The U.S. election represents a more substantial catalyst, with a potential Trump victory viewed as disruptive due to proposed tariffs and shifts in foreign policy, whereas a Harris administration is seen as maintaining the status quo. Despite domestic risks such as port and Boeing strikes, a synchronized global interest rate easing cycle provides a strong tailwind for equities. While a 5% market pullback is possible following recent record highs, the long-term bull market remains intact as attention shifts toward the upcoming corporate earnings season and election results.