### Corporate America Voices Concerns Over Upcoming Presidential Election

Executives from the largest companies in the United States have been increasingly vocal about the potential impacts of the upcoming presidential election on their businesses. Between September 15 and October 31, the term "election" was mentioned in 100 earnings calls of S&P 500-listed firms, according to data from FactSet. This is the highest frequency on record for that period, indicating heightened concern within the corporate sector as Election Day approaches on November 5.

The looming election, featuring candidates Kamala Harris and Donald Trump, represents more than just a political contest. It has stirred economic anxiety both among the general public and within the higher echelons of corporate America. Dover CEO Richard Tobin expressed a sense of caution linked to election uncertainty during an earnings call in late October.

FactSet senior earnings analyst John Butters highlighted that while many executives discussed the election, few named Harris or Trump specifically, choosing instead to focus on its overarching impact. Companies such as Tractor Supply and Southwest Airlines noted a climate of unpredictability among consumers and clients, with Southwest predicting a drop in air travel around Election Day.

In the broader market, entities are also closely watching the Federal Reserve's upcoming monetary policy meeting, which is anticipated to result in a cut to borrowing costs. Tool maker Stanley Black & Decker's CEO Donald Allan pointed to both the election and interest rates as factors contributing to expected market volatility through early 2025. Allan also noted potential changes in tariff policies under a Trump administration, which could include a 20% tax on imports and a 60% rate on imports from China.

Executives across various sectors echoed similar sentiments. For instance, Republic Services CEO Jon Vander Ark observed a "paralysis" in decision-making typical of an election year, while Xylem CFO William Grogan mentioned a "pause" in the industrial market. Idex CEO Eric Ashleman remarked that the election has not been beneficial to the economic environment, highlighting minimal job growth due to recent natural disasters and labor strikes.

However, some companies reported minimal impact from the election. American Express CEO Stephen Squeri stated that the company, with its extensive history, has weathered many elections without significant disruption. Similarly, Equity Residential CEO Mark Parrell indicated that state and local government decisions hold more importance for his business than the presidential outcome.

This increased attention from corporate leaders marks a significant shift from previous election cycles. D.R. Horton CEO Paul Romanowski noted that the homebuilder is seeing potential buyers delay decisions amid expectations for lower mortgage rates and election-related stress. COO Michael Murray added that the conclusion of the election would likely improve buyer sentiment, allowing people to move forward with significant life choices.