Republicans have officially nominated former President Donald Trump as their presidential candidate. With the election approaching, investors are eyeing stocks that might thrive under different administrations. Here are three stocks I predict will soar if Trump wins in November.
1. Nucor
Trump’s proposal for a 10% tariff hike on all imported goods and 60% on Chinese imports could benefit Nucor (NYSE: NUE), a leading U.S. steelmaker.
These tariffs would likely boost Nucor’s sales by reducing competition from Chinese steelmaker businesses. Nucor’s shares, currently trading at a forward price-to-earnings ratio of 12.6, could see significant gains from stronger earnings growth in a protectionist environment.
2. Halliburton
The Republican National Convention echoed with chants of “drill, baby, drill,” reflecting Trump’s promise to enhance domestic oil and gas production. This bodes well for Halliburton (NYSE: HAL), a major player in oilfield services. In 2023, Halliburton generated 46% of its revenue from North America. With shares trading at around 11 times forward earnings, Halliburton could benefit from renewed focus on domestic energy production under a Trump administration.
3. UnitedHealth Group
Trump’s approach to healthcare would likely favor less stringent Medicare Advantage regulations, benefiting UnitedHealth Group (NYSE: UNH). As the largest provider of Medicare Advantage plans and the biggest U.S. health insurer, UnitedHealth stands to gain. Analysts predict that a Trump-led Department of Justice would ease scrutiny on UnitedHealth’s integration of managed care and Optum health services. UnitedHealth’s stock, which recently hit an all-time high, could see further gains with a Trump victory.
In conclusion, while the political landscape remains uncertain, these three stocks—Nucor, Halliburton, and UnitedHealth Group—are poised to benefit from a Trump presidency. Investors should consider these potential opportunities as part of their broader investment strategy.
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