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Prominent investor Mark Mobius said Monday that he sees the recent correction deepening if Republicans lose control of Congress after midterm elections on Nov. 6.
"If, for example, the Democrats get control of the House, I believe this will be bad for the U.S. market, " Mark Mobius, co-founder of Mobius Capital Partners, said in a Bloomberg TV interview.
Mobius cited recent statements by President Donald Trump, beginning on Oct. 20, that he would be proposing a new 10 percent middle-class tax cut by early November. "He wants to introduce more tax reforms, lower taxes for middle-income people in America. If he's not able to do that, that would be very bad for the U.S. market," Mobius said.
"So you will probably see more of a correction going forward," Mobius said.
Trump started touting a 10 percent middle class tax cut earlier this month, with few details, surprising political observers and policy makers. It is unclear whether such a measure would pass Congress, even if the GOP held onto control of both houses.
From a technical investing perspective, Mobius said the market "looks very bad." All three major stock indexes are down sharply in October. The Dow Jones Industrial Average is down nearly 6 percent this month. The S&P 500 has fallen 7.5 percent this month and on Friday dipped more than 10 percent from its intraday high of 2.940.91 on Sept. 21, a correction as defined by Wall Street.
"It's really broken down the long-term trend. If [the S&P 500] goes down by 15 [percent] then we're in completely new territory and you'll see more declines," Mobius said.
Mobius pointed to the heavy October losses among big tech stocks such as Netflix and Amazon. The tech-heavy Nasdaq Composite is down 9.9 percent this month.
"Any of these stocks ... are down 20 percent or so, they're leading the decline of the S&P. If this continues — and I think it will, with interest rates going up — a lot of the tech area is in trouble, because no more raising a billion dollars for a company that's losing money; that's over," Mobius said.