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Tuesday, November 5 is when Americans will cast their votes for the next United States president, unless they vote by mail, which allows ballots to be received up to 15 days sooner depending on your state.
The outcome of the 2024 presidential election could significantly influence the stock market, creating lucrative opportunities for investors as well as risks.
While no one knows which candidate will win the White House in this close race, one thing is for sure, the following stocks could become the next Apple or Amazon if Kamala Harris becomes president.
We spoke to David Materazzi, CEO of Galileo FX, a trading software company specializing in Forex, Crypto, Metals and other markets for his predictions on what stocks he thinks will soar if Democrats win.
1. Tesla Inc (NASDAQ: TSLA)
- Stock Price as of Sep. 3, 2024: $210.60
- Market Cap: $659.91B
- P/E Ratio: 59.20
Despite its recent dips, Tesla is a heavyweight that can electrify the future of transportation, said Materazzi.
While Elon Musk’s company has recently moved sideways with a few notable lulls, a Harris win could boost the stock price since she has openly voiced support for expanding EV development and manufacturing in America, said Materazzi.
“Under Harris, we’re likely to see more emission reduction regulations in 2025, which will benefit EV manufacturers, most notably Tesla.”
2. Palo Alto Networks (NASDAQ: PANW)
- Stock Price as of Sep. 3, 2024: $355.07
- Market Cap: $114.97B
- P/E Ratio: 48.76
Palo Alto Networks has seen impressive gains which will likely continue because of Harris’s stance on implementing more stringent data privacy policies, Materazzi said.
“This would allow PANW to continue to dominate and expand its ability to land many new customer deals.”
3. ChargePoint Holdings Inc (NYSE: CHPT)
- Stock Price as of Sep. 3, 2024: $1.70
- Market Cap: $723.02M
- P/E Ratio: –
The Biden administration has already endorsed greater EV adoption and Harris is more than likely to continue this momentum, said Materazzi.
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“ChargePoint stands to gain traction due to federal investments expanding charging networks; they’ve already secured key partnerships, such as with Daimler Buses, and have more than 360,000 charging spots globally,” Materazzi said.
“As Democrats increase government contracts and subsidies, ChargePoint’s growth trajectory looks strong.”
4. Vulcan Materials Company (NYSE: VMC)
- Stock Price as of Sep. 3, 2024: $239.02
- Market Cap: $31.56B
- P/E Ratio: 34.87
Vulcan Materials, a leading supplier of essential construction materials, is positioned to attain substantial gains from Harris’s infrastructure policy plans and federal spending on added infrastructure projects, said Materazzi.
“Whether it’s roads, bridges, or housing, Vulcan is primed to supply the materials needed, making [the stock] a solid pick if Harris’s infrastructure policies come to fruition.”
5. Brookfield Infrastructure Partners L.P. (NYSE: BIP)
- Stock Price as of Sep. 3, 2024: $31.17
- Market Cap: $14.39B
- P/E Ratio: –
Harris’s emphasis on sustainable and resilient infrastructure aligns perfectly with Brookfield’s portfolio, which includes utilities and renewable energy, Materazzi said.
“Owning and operating critical infrastructure assets worldwide puts BIP in a position to capitalize on government-led infrastructure initiatives.”
6. Trimble Inc. (NASDAQ: TRMB)
- Stock Price as of Sep. 3, 2024: $54.94
- Market Cap: $13.42B
- P/E Ratio: 8.97
Trimble’s technology solutions for agriculture and construction make it a key player in scenarios prioritizing efficiency and sustainability, said Materazzi.
“Harris is pushing for modernized infrastructure and more agricultural productivity through technology, which should result in growing demand for Trimble’s GPS and software solutions.”
“Their leadership in enhancing industry efficiency, coupled with potential government support, could create significant growth opportunities [for investors],” Materazzi said.
7. United Healthcare (NYSE: UNH)
- Stock Price as of Sep. 3, 2024:
- Market Cap: $552.83B
- P/E Ratio: 39.63
“With Harris keeping healthcare reform as a priority, UnitedHealth Group is poised to become a cash cow,” said Materazzi.
United Healthcare currently works with the federal government, providing healthcare to government employees and their families through the Federal Employees Health Benefits Program (FEHB).
With an astronomical number of boomers retiring in the next four years and the company’s popular Medicare supplement plan, UNC is set to grow in many directions.
8. Lennar Corp, (NYSE: LEN)
- Stock Price as of Sep. 3, 2024: $178.38
- Market Cap: $48.632B
- P/E Ratio: 12.11
If Harris follows through with her housing proposal, housing stocks in residential construction and building supply industries have the potential to skyrocket, and Warren Buffet has a stake in a handful of these housing market stocks.
His company, Berkshire Hathaway owns approximately $25.3 million of Lennar stock. One of the biggest builders in America, the stock value could rise dramatically as Harris constructs three million single-family and multifamily housing units.
9. NVR Inc. (NYSE: NVR)
- Stock Price as of Sep. 3, 2024: $9,053.67
- Market Cap: $27.86B
- P/E Ratio: 18.71
A Harris presidency could boost another player in Berkshire’s portfolio, NVR, Inc, one of the country’s largest homebuilders in the U.S. Berkshire owns roughly $100 million of NVR stock. With Harris’s proposals to build three million townhouses, single-family residences and condos, NVR Ryan’s Homes unit stock value could go through the roof.
10. Louisiana-Pacific Corp (NYSE: LPX)
- Stock Price as of Sep. 3, 2024: $94.25
- Market Cap: $6.62B
- P/E Ratio: 15.25
Currently valued at $557 million, Louisiana-Pacific is a leading manufacturer of durable structural building panels and engineered products such as wood siding for the homebuilding industry. Buffet owns 8.5% of this company.
The Harris Administration’s housing proposal can significantly impact growth of new home construction over the next four years if she becomes president.
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. For more coverage on this topic, please check out 10 Stocks That Could Be the Next Apple or Amazon If Trump Becomes President.