Trading Day: Shakeout in shadow of US politics

New York City chooses its next mayor, most likely Zohran Mamdani, a 34-year-old Muslim democratic socialist who has pledged to hike taxes on people making over $1 million a year and raise corporation tax. According to the Empire Center think tank, Mamdani's income tax hike will affect about 1% of filers, and the corporate tax hike would affect about 1,000 of the city's 250,000 businesses.At the macro level, the CBO estimates an eight-week shutdown will reduce Q4 annualized real GDP growth by 2 percentage po ...