A team led by Scott Chronert found that the Harris platform would hit the fair value of US stocks by 4% to 6%. "This is mostly a function of the direct implication of higher corporate tax rates in a Harris outcome," they wrote in a note. Meanwhile, the impact of the planned policies of the Republican candidate are seen between 0% and negative 4%. Trump's program would trigger the biggest hit to the US fiscal deficit which is set to become a major issue moving forward, the strategists said.