Analysts have suggested that there are companies that could win in a Trump administration, benefiting from promises of lower corporate taxes and lighter regulation. But on the flip side, trade wars, a hard-line stance against international outsourcing and restrictions on immigration could prove bad for the bottom line for many United States companies.

Markets hate uncertainty, and few people are certain of what a Trump administration would do.

That said, market reactions can be volatile and overreact to the fundamentals of a situation. In June, when British voters elected to leave the European Union, global stock markets immediately sold off before stabilizing, and are now higher than before the vote.

But in the case of Brexit, there is still evidence that the economic consequences will be long-lasting, with Britain’s currency sharply below its levels before the vote, to around $1.25 compared with more than $1.50 on the eve of the vote.