Election Day is here. A win for Republican Donald Trump or Democrat Kamala Harris could move different market sectors.
Here is a list of stocks to watch as the country waits for the final tally.
Trump Media & Technology Group Corp. DJT shares are climbing on heavy trading volume on the final day of voting. The stock soared 270% from its September lows as investors speculate on a potential Trump victory. Matthew Tuttle, CEO of investment fund Tuttle Capital Management, has called the stock "a binary bet on the election." However, some analysts suggest the stock could plummet if Trump loses the election.
XOM, FSLR: Investors are watching Exxon Mobil Corp. XOM stock as traditional energy companies could gain from favorable oil and gas policies under a Trump administration. It’s worth noting that the U.S. produced more oil under the Biden administration than at any point under the Trump administration. Conversely, solar energy companies like First Solar, Inc. FSLR are on watch as they could benefit from Harris' support of renewable energy policies and climate initiatives.
RTX: Wall Street analysts are generally bullish on defense stocks in the event of a Trump victory putting shares of RTX RTX under watch as the polls close. RTX, formerly Raytheon Technologies, is one of the “Big Five” defense contractors which are likely to benefit from increased defense spending. General Dynamics Corp. GD and Palantir Technologies, Inc. PLTR are other defense contractors stocks to watch.
LEN: Homebuilders' stocks such as Lennar Corp. LEN could gain from Harris’ plans to promote homeownership if elected. One Harris proposal includes providing up to $25,000 in down payment assistance for first-time homebuyers who have paid their rent on time for two years. Other home builders to watch include D.R. Horton, Inc. DHI and KB Home KBH.
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