Andrew Bary
Banks, managed care, steel makers, and other stocks that could be winners from a Trump presidency are rallying Friday while green energy stocks are lower.
President Biden's weak showing in Thursday's debate apparently is prompting investors to bet on "Trump" stocks and dump those that could be losers if Donald Trump wins in November. All this is occurring with the S&P 500 index about unchanged on the session.
Shares of managed-care leader United Healthgroup are up 1.3% to $492.31, while shares of Humana, whose business is focused on the Medicare Advantage program, has gained 3% to $373.52. Healthcare stocks could see some relief in a Trump administration.
Trump likes tariffs, and the steel industry. Steel names stand to benefit if he wins. Nucor stock is up 3.3% to $159.18, and shares of Cleveland Cliffs are 3% higher at $15.45.
The prospect that Trump will take a less aggressive approach to antitrust enforcement appears to be helping Discover Financial Services and Capital One Financial, which have a merger deal. Shares of Discover, the target of the offer, is up 4% to $128.67, and Capital One stock is 2.9% higher at $137.87.
Shares of Live Nation Entertainment, a target of the Biden antitrust enforcers, is up 3.2% to $93.24.
Solar and other renewable-energy stocks have slipped with First Solar stock down 9% at $226.89. Trump has been critical of Biden's green-energy subsidies. Other losers Friday include NextEra Energy, the leading renewable-energy player in the utility industry.
Energy stocks could get a boost in a Trump presidency, and the Energy Select Sector SPDR exchange-traded fund is up 0.4%. Banks could see a lighter regulatory regime and that is helping the Financial Select Sector SPDR ETF, which is up 2% at $53.32.
Marijuana stocks are lower, as investors figure Trump may be less inclined to ease regulations on the industry.
Write to Andrew Bary at andrew.bary@barrons.com
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(END) Dow Jones Newswires
June 28, 2024 15:27 ET (19:27 GMT)
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