As the probability of a Biden win and a Democrat clean sweep has increased, markets have responded by moving out of US oil, gas and coal stocks. Biden’s spending plans are directed more towards cleaner infrastructure and renewable energy sources than his Republican opponent. Changing investor sentiment is shown by the outperformance of US alternative energy stocks, although this sector has also benefitted from its exposure to the tech rally. The underperformance of traditional energy stocks relative to the S&P500, in spite of the partial recovery in oil prices since the pandemic-related fall, provides more evidence that investors are no longer embracing non-renewables.
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