The market has downside risk the rest of the year due to uncertainty over the presidential election and Donald Trump's populist economic plan, according to HSBC Global Research.
"Increased economic policy uncertainty is typical during an election season, but potentially greater this time given the unconventional nature of the Trump candidacy and high levels of global policy uncertainty," HSBC's chief U.S. economist, Kevin Logan, wrote in a note to clients Sunday.
"This could depress investment and boost equity volatility. Simplified U.S. electoral scenarios all show downside to U.S. equities by year-end."
Here are the details of HSBC's four electoral outcomes.