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Strategist Mark Grant: In the case of a Trump surprise, buy equities

If Donald Trump manages to gather the 270 electoral votes he needs to win by the end of Tuesday, buying in equity markets would be a smart move, said strategist Mark Grant.

Trump's proposed corporate tax cut, which would reduce the rate to 15 percent, "would just be a tremendous boom for corporate earnings in the United States," he told CNBC on Tuesday.

And, in light of the expected downturn markets will take if Trump wins, "I would use any drop to buy in the equity markets," Grant, Hilltop Holdings' chief fixed income strategist, told "Squawk Box."

Grant's prediction comes from what he acknowledged as a market pricing in a victory for Hillary Clinton. Markets prefer stability, he said, but the problem is the way American voters are making their choice.

"I think that very few Americans are voting for anyone," Grant said. "I think most Americans are voting against someone."

"I think there's a decent possibility we may get a big surprise later this evening," he contended.

But the possibility of a Clinton win is still very real for the markets, which saw a correlated rally after Sunday, when FBI Director James Comey saidthe bureau reaffirmed the earlier decision on Clinton's use of a private email server.

"It pulled forward the expectation of what the market was hoping for," strategist Hans Olsen told "Squawk Box" in a separate interview Tuesday.

Yet Olsen, Stifel Wealth and Investment Management's global head of investment strategy, said that historically, markets tend to adjust accordingly to incoming administrations.

"From a market standpoint, markets are remarkably bipartisan in their ability to produce returns," Olsen said. "Both parties, Republican or Democrat, over the course of their terms, they tend to produce positive returns."

Appearing in an interview with Olsen, Krishna Memani, chief investment officer of Oppenheimer Funds, told "Squawk Box" on Tuesday that a market response may not even come from U.S. catalysts.

"The growth impulse coming from China will support the market's global economy for the next six to 12 months, and that is what is going to drive the markets far more than anything else," Memani said.

He agreed with Olsen that markets will hold strong for the next two to four years irrespective of who takes power in the United States.

But, "At the margin, what has changed over last six months is really not the change in direction in the U.S. economy, it's just that the stimulus-driven growth in China has manifested itself in a big way," Memani said.