An average of betting odds compiled by RealClear Politics showed former Vice President Joe Biden’s lead shrank to 1.9 points on Sunday, down from a high of 24.6 points on Aug. 1.
“Certainly a lot can happen in the next ~60 days to change the odds, but we currently believe that momentum in favor of Trump will continue, while most investors are still positioned for a Biden win,” wrote Marko Kolanovic, quantitative strategist at JPMorgan.
He points to two factors – the violent protests that have sprung up in cities across America and a bias in the polls – as reasons why Biden’s lead has narrowed.