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In the event of a victory by former U.S. President Donald Trump in the upcoming election, three market sectors could experience a surge, according to a research note from Dubai-based financial advisory deVere.
What Happened: The report highlighted that energy, manufacturing, and bank stocks could benefit from a potential Trump win, Barron’s reported on Tuesday. This follows an attempted assassination of the former president on Saturday, which has led to an increased likelihood of his victory, as indicated by the political futures market PredictIt.
Nigel Green of deVere suggests that the Republican party’s anti-ESG stance could strengthen the energy sector, while the “America First” policies could boost manufacturing. Bank stocks are also expected to surge as the Trump administration is likely to reduce regulations.
“Trump’s potential return to the White House brings expectations of a hawkish trade policy, less regulation, looser climate change regulations, and the extension of corporate and personal tax cuts,” Green stated.
Previously, Wall Street investment bank Citi (NYSE:C) identified U.S. banks as potential beneficiaries of a second Trump presidency. Blue-chip stocks such as Goldman Sachs (NYSE:GS), Bank of America (NYSE:BAC), and Morgan Stanley (NYSE:MS) are set to report second-quarter earnings this week.
Why It Matters: The attempted assassination of Trump has led to an increase in his visibility and a rise in optimism around his chances of winning the election. This has resulted in a rally of Trump-related stocks, including the U.S. Dollar, Bitcoin (CRYPTO: BTC), and Truth Social parent Trump Media & Technology (NASDAQ:DJT).
Similarly, shares of DatChat, Inc. (NASDAQ:DATS), known for its focus on privacy and end-to-end encryption services, have skyrocketed, as they have historically rallied alongside Trump-associated stocks.
Furthermore, the Bitcoin market has maintained its strong momentum following Trump's failed assassination attempt, with Bitcoin shooting past $64,000 for the first time in three weeks.
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Image created using photos on Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
