Stocks that could benefit from a Trump presidency, such as banks, managed care companies and steelmakers, rose on Friday, while green energy stocks fell.
President Biden’s weak performance in Thursday’s debate appears to be prompting investors to bet against “Trump” stocks and sell stocks that could lose money if Donald Trump wins in November. All of this comes as
S&P 500 Index
There were virtually no changes during the session.
Shares of managed-care leader UnitedHealth Group Inc. rose 1.3% to $492.31, while Humana Inc.
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Shares of the company, which focuses on Medicare Advantage programs, rose 3% to $373.52.Health care stocks may find some relief under the Trump administration.
Trump likes tariffs and the steel industry, and steel stocks would benefit if he wins: Nucor shares rose 3.3% to $159.18, and Cleveland-Cliffs shares rose 3% to $15.45.
The prospect of President Trump taking a less aggressive approach to antitrust enforcement appears to be working in favor of Discover Financial Services and Capital One Financial.
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The two companies have signed a merger agreement. Discover shares rose 4% to $128.67, while Capital One shares rose 2.9% to $137.87.
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Live Nation Entertainment shares
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The stock, which has been a target of the Biden administration’s antitrust enforcement agencies, rose 3.2% to $93.24.
Solar and other renewable energy stocks fell, with First Solar shares down 9% to $226.89 after Trump criticized Biden’s green energy subsidies. NextEra Energy Inc. was among the stocks that fell on Friday.
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A leading renewable energy company in the utilities industry.
Energy stocks could rise with Trump inauguration
Energy Select Sector SPDR
Exchange-traded funds rose 0.4%.Banks can look forward to looser regulations, which is helping their profits.
Financial Select Sector SPDR
The ETF rose 2% to $53.32.
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Marijuana stocks have fallen as investors believe President Trump may be reluctant to ease regulations on the industry.
Email Andrew Bary at andrew.bary@barrons.com.
