And just like that, half of the stock market's euphoric post-Trump-election gain is gone. Major US indexes sold off sharply on Friday, with the tech-heavy Nasdaq leading the way, as investors came to terms with the fact that they may not get a December rate cut as previously expected.

It finds that the party in the White House tends to stay in power when the US stock market rises ahead of a presidential election. In all but two elections since 1944, the incumbent party has won the race for the White House when the S&P 500 advanced between the end of July and Halloween,