Out of the 50 states that through electoral colleges will choose the next POTUS, there are 7 that are considered swing states. These are states that do not vote consistently to one of the two major parties, and are the ones that can tilt the elections one way or another. After COVID-19, thanks to remote working and the different state taxes regimes, the U.S. population experience massive relocation, from states with high taxes to low ones, from expensive cities to more affordable ones. And the people that migrated, brought their political opinions with them to the new counties and states. That has been reflected in the last U.S. census, and as you can see below, there is some impact on battleground states where democrat leaning voters have outnumbered the republican leaning ones, with the exception of North Carolina. This brings more uncertainty to the elections and consequently, to markets.
Population changes in swing states since 2020