Analyst: This US election will not change the long-term macro market outlook

Michael Brown, an analyst at Pepperstone, said a Trump victory could focus the market on reflation, expected tax cuts and potential tariffs. Initial market reactions could include a stronger dollar and lower Treasury bonds. Expectations of a reduced regulatory burden could boost stocks, especially energy and defense stocks.

He said a Harris victory could lead to a weaker dollar as Trump-related hedging operations are unwound and trade-sensitive foreign exchange markets "breathe a sigh of relief." Expectations of more expansionary fiscal policy could weigh on Treasuries, while concerns about tighter regulation could weigh on stocks. However, declines could be quickly bought up on dips, with clean energy and technology stocks likely to perform better. Much depends on the makeup of Congress. For those wondering if this election will change the long-term macro or market outlook, Brown's answer is "absolutely not."