Here's how to trade potential gridlock in Congress with a Biden presidency

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 20, 2020.
Lucas Jackson | Reuters

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The outcome of the 2020 election remains uncertain, but with the odds of Democratic sweep falling, Wall Street is turning its attention to the stocks that can perform best under a divided government.

Many market strategists view a gridlock outcome where Joe Biden wins the presidency but Republicans hold the Senate as a mixed bag, with the chances of massive stimulus slipping but also tax hikes becoming less likely.