If you’re trying to handicap November’s presidential election eight months out, don’t just look at the polls. Following the betting.
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Assuming the major parties’ nominees for the November U.S. presidential election will be Joe Biden and Donald Trump, it is anybody’s guess who will be elected, but it can be useful for investors to consider which stock sectors or industries might fare best if one or the other were to win a second term in the White House.
Joseph Adinolfi looked earlier this week at how various stock sectors performed during the first Trump presidency and, based on a report from Sevens Report Research, looked ahead at a potential second Trump term.
One of the industry groups whose stocks Tom Essaye, publisher of Sevens Report Research, said he would expect to perform well during a second Trump term is defense.
Read: Trump’s return to the White House could benefit these stock-market sectors — while undercutting others
Of course, regardless of who wins the November election, U.S. defense contractors may benefit from the depletion of hardware and munitions resulting from U.S. and other NATO countries’ support for Ukraine’s defense against Russia’s invasion, along with renewed efforts to bolster the conventional defenses of Western European countries.
Screening U.S. defense stocks
So with the stage set for what might be a strong multiyear period for U.S. defense contractors, we began a screen with the 35 stocks held by the $5.9 billion iShares U.S. Aerospace and Defense exchange-traded fund
ITA.
This is a broad stock-market category that goes beyond companies making military or aeronautical hardware.
Then we added the five aerospace and defense stocks, as categorized by FactSet, that are in the S&P Composite 1500 Index
XX:SP1500
but aren’t in the ITA portfolio, for an initial list of 40 U.S. stocks. The S&P Composite 1500 is made up of the S&P 500
SPX,
the S&P MidCap 400
MID
and the S&P MidCap 600.
Then we narrowed the screen to include only companies that are covered by at least five analysts polled by FactSet and whose 2023 revenue (or estimated revenue) totaled at least $1 billion.
That leaves a list of 27 stocks.
Expected sales growth
Some companies have fiscal years that don’t match the calendar, so the estimates driving this screen are based on FactSet’s adjusted estimates for calendar years.
Here are the 10 aerospace and defense companies on our list that are expected to show the highest compound annual growth rates for sales from 2023 through 2025, based on consensus estimates among analysts polled by FactSet. Expected weighted sales CAGR for the S&P 500 and the S&P 500 aerospace and defense industry group are at the bottom of the table.
| Company | Ticker | Two-year estimated sales CAGR through 2025 | Estimated 2023 sales | Estimated 2024 sales | Estimated 2025 sales |
| Axon Enterprise Inc. |
AXON, |
22.1% | $1,561 | $1,924 | $2,331 |
| Spirit AeroSystems Holdings Inc. Class A |
SPR, |
19.6% | $6,048 | $7,484 | $8,653 |
| Heico Corp. |
HEI, |
15.8% | $3,112 | $3,890 | $4,173 |
| Heico Corp. Class A |
HEI.A, |
15.8% | $3,112 | $3,890 | $4,173 |
| Boeing Co. |
BA, |
13.2% | $77,745 | $89,788 | $99,658 |
| TransDigm Group Inc. |
TDG, |
12.1% | $6,864 | $7,911 | $8,624 |
| Hexcel Corp. |
HXL, |
11.5% | $1,789 | $1,987 | $2,223 |
| Kratos Defense & Security Solutions Inc. |
KTOS, |
10.3% | $1,035 | $1,135 | $1,261 |
| AAR Corp. |
AIR, |
9.8% | $2,138 | $2,390 | $2,588 |
| Howmet Aerospace Inc. |
HWM, |
8.2% | $6,640 | $7,142 | $7,778 |
| Woodward Inc. |
WWD, |
7.7% | $2,995 | $3,289 | $3,471 |
| S&P 500 | SPX | 5.3% | |||
| S&P 500 Aerospace and Defense | 7.3% | ||||
| Source: FactSet | |||||
There are actually 11 stocks on the list, because two common share classes of Heico Corp.
HEI,
HEI.A,
are held within the ITA portfolio. According to Heico’s annual 10-K filing with the Securities and Exchange Commission for 2023 (page 103), the two share classes are identical, except that the Class A shares have one-tenth the voting rights of the regular common shares.
Ratings summary for the best expected revenue growers
Leaving those 11 stocks in the same order, here’s a summary of ratings and price targets among analysts polled by FactSet:
| Company | Ticker | Share buy ratings | Share neutral ratings | Share sell ratings | Feb. 27 price | Consensus price target | Implied 12-month upside potential |
| Axon Enterprise Inc. |
AXON, |
85% | 15% | 0% | $271.82 | $306.13 | 13% |
| Spirit AeroSystems Holdings Inc. Class A |
SPR, |
48% | 52% | 0% | $29.17 | $34.22 | 17% |
| Heico Corp. |
HEI, |
72% | 14% | 14% | $193.52 | $208.29 | 8% |
| Heico Corp. Class A |
HEI.A, |
72% | 14% | 14% | $155.04 | $208.29 | 34% |
| Boeing Co. |
BA, |
67% | 30% | 3% | $201.40 | $261.73 | 30% |
| TransDigm Group Inc. |
TDG, |
64% | 32% | 4% | $1,174.22 | $1,235.80 | 5% |
| Hexcel Corp. |
HXL, |
38% | 52% | 10% | $75.57 | $77.83 | 3% |
| Kratos Defense & Security Solutions Inc. |
KTOS, |
73% | 27% | 0% | $18.68 | $21.91 | 17% |
| AAR Corp. |
AIR, |
100% | 0% | 0% | $64.99 | $81.25 | 25% |
| Howmet Aerospace Inc. |
HWM, |
80% | 10% | 10% | $65.97 | $68.80 | 4% |
| Woodward Inc. |
WWD, |
33% | 67% | 0% | $137.67 | $156.70 | 14% |
| Source: FactSet | |||||||
Analysts’ favorite defense stocks
Going back to our original pared list of 27 aerospace and defense stocks, here are the nine rated buy or the equivalent by at least 75% of analysts polled by FactSet. These are sorted by how much analysts expect the stocks to rise the over the next year:
| Company | Ticker | Share buy ratings | Feb. 27 price | Consensus price target | Implied 12-month upside potential | Two-year estimated sales CAGR through 2025 |
| V2X Inc. |
VVX, |
83% | $37.83 | $59.50 | 57% | 4.4% |
| Triumph Group Inc. |
TGI, |
86% | $14.60 | $20.75 | 42% | 6.0% |
| AAR Corp. |
AIR, |
100% | $64.99 | $81.25 | 25% | 10.0% |
| Teledyne Technologies Inc. |
TDY, |
90% | $424.90 | $500.55 | 18% | 4.6% |
| Axon Enterprise Inc. |
AXON, |
85% | $271.82 | $306.13 | 13% | 22.2% |
| Curtiss-Wright Corp. |
CW, |
86% | $236.03 | $254.20 | 8% | 5.4% |
| Howmet Aerospace Inc. |
HWM, |
80% | $65.97 | $68.80 | 4% | 8.2% |
| Leonardo DRS Inc. |
DRS, |
83% | $22.93 | $23.83 | 4% | 6.9% |
| BWX Technologies Inc. |
BWXT, |
75% | $89.28 | $86.63 | -3% | 5.2% |
| Source: FactSet | ||||||
Before buying any individual security, you should do your own research to form your own opinion about a company’s ability to be competitive. One way to start that process is by clicking on the tickers for more information about each company.
Click here for Tomi Kilgore’s detailed guide to the wealth of information available for free on the MarketWatch quote page.
Don’t miss: Want your stock picks to beat index funds? Look at companies with one key metric.
US President Biden arrives to board Air Force One at Joint Base Andrews in Maryland on December 20, 2023, as he departs for Milwaukee, Wisconsin.
Mandel Ngan | Afp | Getty Images
President Joe Biden’s $140 million campaign war chest has been bolstered by a group of loyal advisers and fundraisers that some party strategists call a “dream team” effort to defeat the likely Republican nominee, former President Donald Trump.
The recent boom in fundraising can be traced primarily to five people: media executive and Biden campaign co-chair Jeffrey Katzenberg, former State Department official Rufus Gifford, campaign finance director Michael Pratt, longtime Biden adviser Jen O’Malley Dillon and Julie Chávez Rodriguez, the president’s 2024 campaign manager.
“They have kind of put together a dream team in fundraising,” said Jim Messina, who served as former President Barack Obama’s campaign manager for his successful 2012 reelection campaign.
Katzenberg has been speaking with donors to Republican presidential candidate Nikki Haley and trying to recruit them to support Biden. “We are actively courting them,” he told CNBC in a recent interview.
“I’ve only done it with a handful of super high end donors and I would just say it has been well received. No one has said ‘leave us alone, we don’t want to talk to you,'” said Katzenberg
Haley insists she is staying in the race, despite polls showing her on track to lose Saturday’s Republican primary in her home state of South Carolina to Trump.
But Katzenberg pointed to Haley’s support in places like New Hampshire, where she won 43% of the Republican primary vote, saying that suggests there is a slice of the Republican party ready to move on from Trump.
CNBC spoke to over half a dozen Biden advisers, party fundraisers and Democratic strategists for this piece, several of whom were granted anonymity to share private conversations. They described how key players in a constellation of groups — Biden’s campaign committee, joint fundraising committees, his chief outside political action committee and the Democratic National Committee — have amassed $140 million to put towards the president’s reelection.
Their efforts have given Biden a significant advantage in the money race over Trump, whose political fundraising operation is paying for both his campaign and his attorneys in a host of civil and criminal cases.
Trump’s campaign and allied political organizations began the year with a combined $65 million in cash on hand, according to Federal Election Commission records. This was after paying roughly $50 million to the former president’s lawyers in 2023.
“President Trump’s campaign is fueled by small dollar donors across the country from every background,” Karoline Leavitt, the national press secretary for Trump’s campaign, said in a statement to CNBC. “We are more confident than ever that he will take back the White House in November.”
Splashy parties
The success of Biden’s team in building up his fundraising operation has grown more evident over the past year, as a series of one-time, private events raised millions of dollars each.
Already this week, Biden’s West Coast fundraising swing has raised up to $10 million between four different events for the Biden Victory Fund, according to a person with direct knowledge of the totals. The Biden Victory Fund raises money for the Biden campaign, the Democratic National Committee and a variety of state parties.
Three of these events so far have been hosted by entertainment executive Haim Saban, venture capitalist John Doerr and businessman Gordon Getty, respectively, according to the Biden campaign. Lawyer Robert Klein, Danielle Guttman Klein and Steve Westly are co-hosting a Thursday event in Los Altos Hills, Calif., according to an invitation.
In December, Biden attended an event in Los Angeles at the home of former U.S. ambassador to Spain James Costos and interior designer Michael Smith. The 400 people on the guest list included movie moguls Steven Spielberg and Peter Chernin, and the entertainment was a performance by musician Lenny Kravitz, according to the invitation and a person with direct knowledge of the event.
The evening ended up raising around $8.5 million for the Biden Victory Fund, this person explained.
Building on that success, Pratt and a group of Biden’s advisers came up with the idea of hosting a major fundraiser in New York in March, featuring former presidents Obama and Bill Clinton, these people explained.
US President Barack Obama (L), Vice President Joe Biden (C) and former president Bill Clinton chat before the start of a memorial service for US Senator Robert Byrd on July 2, 2010 at the West Virginia State Capitol in Charleston, West Virginia.
Mandel Ngan | AFP | Getty Images
A personal approach
One-to-one outreach from influential figures like Katzenberg, Gifford and others has also helped to smooth down ruffled feathers of former Biden donors, some of whom were reportedly “pissed” at the lack of attention paid to them by the newly elected president and his team, following the 2020 election.
Now these donors are coming back to help, according to people familiar with the matter. One Biden fundraiser said donors were coming back to the team after they were invited to a variety of private events at the White House. This fundraiser credited Gifford, among others, for helping to improve outreach to donors.
It’s not just the draw of Biden, however, that is pulling some of these donors back into his camp. Donald Trump’s all-but-inevitable Republican nomination is at work here, too.
“We don’t have a choice,” said one formerly frustrated Biden fundraiser from Wall Street, who is helping the president again after connecting with Gifford and Katzenberg. “We can’t let Trump win.”
Billionaire investor Leon Cooperman said on Tuesday that he would not vote for President Joe Biden or former President Donald Trump in a hypothetical November rematch.
“We have two candidates running. One’s bad, the other one’s worse. I don’t know who’s bad, I don’t know who’s worse,” Cooperman said on CNBC’s “Squawk Box.”
Cooperman, the chair and CEO of the Omega Family office, has mostly backed Republicans in the past, but says he supported Biden in 2020 as a vote against Trump.
“I will not vote for Biden again. I think he has lost his step. He has allowed himself to be in the pocket of the progressives, which I think are destructive parties,” Cooperman said.
Cooperman, who wrote in Mitt Romney’s name for president in 2016, has been a longtime critic of Trump and said the former president belonged in jail after he was hit with more than 90 criminal charges. Cooperman was also critical of some of Trump’s policies as president and said in 2018 that the trade war he started was dangerous.
“The man has no judgment, but he understands the economy,” Cooperman said of Trump on Tuesday.
Cooperman most recently donated to the presidential campaign of former New Jersey Gov. Chris Christie, according to Federal Election Commission data. He has also donated to the congressional campaigns of Democratic Sen. Joe Manchin and Republican Sen. Rick Scott in recent years.
In the 2016 presidential election cycle, Cooperman gave the individual donor maximum to former Florida Gov. Jeb Bush’s campaign, but he also ended up donating to Hillary Clinton’s campaign as Trump ran away with the Republican nomination.
Biden’s campaign began the year with about $46 million in cash, according to FEC filings, more than the $33 million that Trump’s campaign had. Groups affiliated with Biden’s campaign also started the year with more money, as Trump’s affiliated committees spent almost $50 million last year on lawyers’ bills and related legal fees.
Despite Biden’s strong fundraising numbers, he has struggled in recent polls. His approval rating fell to 37% in a Sunday NBC News poll, the lowest level of his presidency. The poll also found Trump beating Biden 47% to 42% in a hypothetical 2024 rematch.
Don’t miss these stories from CNBC PRO:
Former President Donald Trump has an advantage over President Joe Biden in the U.S. states that are likely to decide the 2024 White House race, according to a poll released Wednesday.
Trump gets 48% support on average among swing-state voters, compared with 42% for Biden, according to the Bloomberg News-Morning Consult poll that focused on seven battleground states.
The Republican former president’s edge over the Democratic incumbent was biggest in North Carolina, at 10 percentage points, and smallest in Arizona and Pennsylvania, at 3 points, as shown in the chart below.
Bloomberg News/Morning Consult
Some 51% of swing-state voters said they trusted Trump over Biden to handle the U.S. economy, while 33% said Biden would be better, according to the poll.
Related: Investors are thrilled inflation is down. Regular people aren’t so happy. Here’s why.
And see: Here’s why Biden may not get a political lift from strong GDP growth
On immigration, 52% said Trump would be better on the issue, versus 30% who favored Biden.
One bright spot for Biden’s re-election campaign: 53% of voters in the seven battleground states said they would be unwilling to support Trump in the general election if he were found guilty of a crime, and 55% said they wouldn’t back him if he’s sentenced to prison.
Trump faces charges in Washington, D.C., and in Georgia’s Fulton County in election-interference cases and also was indicted last year in a hush-money case and a classified-documents case. The 45th president has denied wrongdoing and argued the prosecutions are politically motivated. Many Republican voters share his views and have rallied around him.
Other January polls for swing states have shown Biden with an edge. The Democratic incumbent got 47% support among Pennsylvania voters compared with Trump’s 39% in a Susquehanna Polling & Research survey, and he got 45% support in a Michigan poll, versus Trump’s 41%.
But Wednesday’s poll jibes with a New York Times/Siena College survey in November that showed Trump leading Biden by between three and 10 points in five of six battleground states.
Nikki Haley remains in the race for the 2024 GOP presidential nomination, but she’s widely viewed as a longshot, so many analysts have moved on to preparing for a Trump-Biden rematch in the general election.
The main U.S. stock gauges
SPX
DJIA
COMP
were mostly retreating Wednesday as traders awaited a Federal Reserve announcement on interest-rate policy.
Now read: Haley says Trump’s new 10% tariff would mean ‘raising taxes on every single American’
And see: Trump takes credit for stocks’ rally, yet there are expectations his Fed would be ‘not just dovish, but weird’
US President Joe Biden speaks at Abbotts Creek Community Center during an event to promote his economic agenda in Raleigh, North Carolina, on January 18, 2024.
Saul Loeb | AFP | Getty Images
The Biden administration announced Friday it would forgive $4.9 billion in student debt for 73,600 borrowers.
The relief is a result of the U.S. Department of Education’s fixes to its income-driven repayment plans and Public Service Loan Forgiveness program.
“The Biden-Harris Administration has worked relentlessly to fix our country’s broken student loan system and address the needless hurdles and administrative inaccuracies that, in the past, kept borrowers from getting the student debt forgiveness they deserved,” U.S. Secretary of Education Miguel Cardona said in a statement.
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How to qualify for Biden’s fast-tracked student loan forgiveness
Around $1.7 billion of the aid will go to 29,700 borrowers enrolled in income-driven repayment plans. Those plans are supposed to lead to debt forgiveness after a set period, but historically, this hasn’t always happened because loan servicers failed to keep track of borrowers’ payments, experts say.
In addition, 43,900 borrowers who have worked in public service for a decade or more will receive $3.2 billion in loan cancellation, the U.S. Department of Education said. Borrowers in the Public Service Loan Forgiveness program have also struggled to get the debt erasure they’ve been promised due to errors in their payment counts and other issues.
The announcement did not specify when eligible borrowers may expect to see that relief.
The Biden administration has now canceled more than $136 billion in student debt for over 3.7 million Americans, according to the White House.
Consumer advocates have praised President Joe Biden for his recent actions but are pressuring him to do more.
On the campaign trail ahead of the 2020 presidential election, Biden vowed to cancel at least $10,000 of student debt per person.
“Student debt cancellation tipped the balance in Democrats’ favor in the midterms,” said Astra Taylor, co-founder of the Debt Collective, a union for debtors, in an interview last fall with CNBC. “Failing to deliver will demoralize and demobilize young people whose votes they cannot afford to lose.”
Biden’s plans to cancel up to $400 billion in student debt for tens of millions of Americans were thwarted last June at the Supreme Court. The high court said the president didn’t have the authority to instruct his Education secretary to cancel such a large amount of consumer debt without prior authorization from Congress.
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“‘I think they’re both threatening for the markets.’”
That’s a pessimistic take on the prospect of a 2024 presidential election rematch between President Joe Biden and Donald Trump from billionaire investor Ray Dalio, founder of Bridgewater Associates, in a Tuesday interview with CNBC on the sidelines of the World Economic Forum annual meeting in Davos, Switzerland.
Dalio said his “biggest worry” is over whether both sides will accept the outcome of the election and, moreover, the potential for clashes between the far left and far right that could threaten the authority of other institutions.
Trump was the runaway winner in Iowa’s Republican presidential caucus on Monday, strengthening his status as the front-runner for the party’s nomination and setting the stage for a potential rematch with Biden.
Dalio said concerns around Biden’s vigor underlines the possibility of a “more progressive” Democratic Party vying with a “conservative, nationalistic” Republican party.
Dalio has previously sounded the alarm on an increasingly stark partisan divide, even raising the prospect of “civil war.”
Earlier: Ray Dalio calls McCarthy’s ouster ‘another step away from democracy and toward civil war’ (Oct. 6)
So what’s an investor to do? “You go closer to your neutral portfolio,” Dalio said, observing that aside from concerns about politics he finds that markets right now “are not either super attractive or super unattractive.”
Investors need to figure out what their “neutral” portfolio is and move toward it, he said, emphasizing that such a shift doesn’t mean going to cash “because cash is a trashy investment over a long period of time.”
Stocks were down Monday, with the Dow Jones Industrial Average
DJIA
off around 220 points, or 0.6%, while the S&P 500
SPX
shed 0.3%.
Mark Hulbert: Why Donald Trump is unlikely to get his wish for a 2024 U.S. stock-market crash
U.S. President Joe Biden speaks during the National Association of Counties Legislative Conference in Washington, D.C., U.S., February 15, 2022.
Joshua Roberts | Reuters
President Joe Biden’s reelection effort says it received over $97 million in contributions during the fourth quarter of 2023.
As a result, Biden and Vice President Kamala Harris’ political operation entered a pivotal year with $117 million cash in their campaign war chest. The amount represents the sum total of four entities: Biden’s campaign, his two joint fundraising committees and the Democratic National Committee.
“Across our coalition, we are seeing early, sustained support that is helping us scale our growing operation across the country and take our message to the communities that will determine this election,” Julie Chavez Rodriguez, Biden’s campaign manager, said in a statement.
The $117 million provides the campaign with crucial resources as he president struggles in the polls. Biden’s approval numbers dropped to 40% in a survey taken in November, according an NBC News survey.
Biden’s campaign pointed to online fundraising as key to their strategy.
For example, a contest called “Cup of Joe,” which allowed contestants the chance to meet with both Biden and Harris, helped raise over $3 million, the campaign said.
In addition to padding its bottom line, Biden’s political operation also grew its email list by 15% in the fourth quarter. Those people may not be donors yet, making them ripe targets for fundraising as the campaign progresses.
Former President Donald Trump, Biden’s likely rival in the race for president, had not announced how much he raised throughout the last quarter.
But the numbers Trump reported during his reelection campaign in 2019 offer a point of comparison.
In the fourth quarter of 2019, Trump and the Republican National Committee reported a combined haul of $125 million, significantly more than Biden’s $97 million figure.
Trump’s reelection effort said it at the time that it began 2020 will $156 million in cash on hand. Biden has $117 million.
President Joe Biden and Ukrainian President Volodymyr Zelensky on Tuesday pushed a divided Congress to make a deal on more aid for the Eastern European nation, but analysts and some lawmakers forecast that weeks more of talks look likely.
Biden and his fellow Democrats, along with Zelensky, want congressional approval for additional Ukraine assistance before U.S. lawmakers take a break for the holidays, but Republicans won’t sign off until they get support for their demands related to U.S. border security, such as stricter rules for asylum.
Republicans “cannot go back to our constituents, with close to 10 million illegal entries in the last three years, and say that we got nothing out of border negotiations,” said GOP Sen. J.D. Vance of Ohio on Tuesday during the WSJ CEO Council Summit, an event in Washington, D.C. Vance added that he sees potential for a deal “if the president is actually willing to make one.”
Biden, for his part, said he’s “ready and offering compromise already,” but the president criticized what he described as an “extreme Republican partisan agenda on the border.”
“Ukraine will emerge from this war, proud, free and firmly rooted in the West. Unless we walk away” the president said during a joint news conference with Zelensky following their meeting in the Oval Office. Their events together come as the Republican-run House and Democratic-controlled Senate are slated to go on recess after this week.
Senate Minority Leader Mitch McConnell told reporters on Tuesday that it’s “practically impossible,” even if Congress reaches an agreement, to “craft it, get it through the Senate, get it through the House before Christmas,” though that “doesn’t mean it’s not important.” The Kentucky Republican noted that House Speaker Mike Johnson, a Louisiana Republican, has “said to a number of people they’re leaving at the end of the week.”
Some analysts have been eyeing January as the time when a deal could be made.
“We continue to believe there is a deal to be had here, but our sense is that the debate will slip into the new year as there is no clear legislative forcing mechanism and the path of least resistance is leaving town for the holidays,” said Isaac Boltansky, a BTIG analyst, in a note.
Meanwhile, another analyst, Pangaea Policy founder Terry Haines, has said in a note that an aid-and-border package can be finished by year’s end, but he’s cut his chances for it to 60%, down from 70% last week. He also said there are “three more weeks, until the end of the calendar year, to do this, not the one week the Washington conventional wisdom bandies about.”
Biden is seeking $61 billion for Ukraine as the country continues to resist Russia’s invasion, and the request is part of a $110 billion package that also includes money for Israel.
“It’s very important that by the end of this year, we can send a very strong signal of our unity to the aggressor,” Zelensky said during the joint news conference.
President Joe Biden said Tuesday he’s not sure he’d be running again for the White House if former President Donald Trump weren’t also in the race, telling donors that Democrats “cannot let him win.”
“If Trump wasn’t running, I’m not sure I’d be running,” the president said in remarks in Boston. “But we cannot let him win.”
Biden’s comments come as Trump maintains a commanding lead in polls for the Republican presidential nomination, and four other GOP primary contenders are set to debate on Wednesday night.
Biden has been attacking Trump as a threat to democracy and has sounded the alarm about the former president’s desires to gut the Affordable Care Act, known as Obamacare.
Also see: Trump declines to rule out abusing power or seeking retribution if he returns to White House
Polls show a matchup between Biden and Trump as essentially tied, and the current president has lately been sharpening his attacks against his predecessor.
Last month, a Biden campaign adviser dismissed polls that showed Trump beating Biden in five key battleground states, amid concerns about Biden’s age and rising support for Trump among Black voters.
“We’ll win in 2024 by putting our heads down and doing the work, not by fretting about a poll,” Biden campaign spokesman Kevin Munoz said.