Bob Doll: Two reasons why Trump is worse for markets than Hillary

It's not that a Hillary Clinton presidency would do wonders for financial markets, but it would do less damage than a Donald Trump one, Nuveen Asset Management's Bob Doll said Wednesday.

Doll, Nuveen's chief equity strategist, said there are two main reasons why Trump would be worse for the markets than Clinton.

"One is uncertainty. Markets hate uncertainty. I don't think we know what [Trump's] policies are. Maybe by November we will, but we don't at the moment and we don't have a lot of back and forth," he told CNBC's "Fast Money: Halftime."

"The other reason is he's been very clear he's going to start a trade war with China, Mexico and a few other places, and we all know trade wars are not good for economic growth and, therefore, they're not good for markets," Doll said.

Donald Trump and Hillary Clinton, Presidential Candidates
Lucas Jackson | Reuters and Kena Betancur | ARP | Getty Images
Donald Trump and Hillary Clinton, Presidential Candidates

Many economists have expressed concern over Trump's economic policies.

Trump has said that he believes in free trade, but "to be a good free trader you have to have smart people on our side also, and we are being out negotiated on every corner."

That said, there is a chance that a Clinton presidency could be just as bad, Doll added.

"If it's a Hillary administration and a Democratic congress, which would only happen if Hillary won by a landslide, … then markets I think would react very negatively to that as well. So, the configuration under the presidency is really important as well."