Market Insider

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It's early days, but the victories in New Hampshire's primary by Donald Trump and Bernie Sanders puts two of the candidates most likely to spook Wall Street in the lead.

Trump has been unnerving Wall Streeters with his unpredicatability and off-the-cuff remarks, but analysts say the financial community — and markets — would ultimately back a Trump run, particularly if it is against Bernie Sanders.

The Vermont U.S. senator is a self-proclaimed socialist who wants to create new social programs by taxing banks, financial transactions and wealthier Americans. Sanders took 60 percent of the vote in New Hampshire Tuesday over Hillary Clinton, who barely won Iowa last week but is still viewed as the front-runner nationally.

Both Sanders and Trump have tapped into the national mood, said Brian Gardner, director of Washington research at Keefe Bruyette and Woods. "They're both populists ... and in Trump's case he's a demagogue. I think there's a deep level of frustration in the economy ... that the economy is rigged, that the deck is stacked against them. I think there's just a widespread agreement with that sentiment. People disagree with what the causes are and what the cures are," said Gardner.