Why it matters: Wall Street had its chips on a Trump win until recently — even in the midst of the coronavirus-induced recession and Biden’s rise in the polls.

The shift is the latest indicator of how quickly the political and business worlds have aligned in the view that Trump is unlikely to win a second term as COVID-19 infection numbers have spiked again and the economy looks to be stalling.

By the numbers: A Citigroup poll of 140 fund managers released last week found that 62% expect a Biden win, compared to 70% who expected a Trump victory in the same survey in December.