As Election Week 2024 is upon us, Wall Street is geared up for sector-specific shakeups, with JPMorgan's Bill Peterson spotlighting a decisive split in potential stock moves.
With a Democratic win likely to power up the clean energy sector and a Donald Trump victory poised to boost steel, the stakes are high for investors in metals, mining and clean tech.
A Harris Win: Green Light For Clean Tech Rally?
Should Vice-President Kamala Harris take the White House, expect a boost across clean tech stocks, especially those linked to electric vehicles (EV) and hydrogen.
Peterson points to EVgo Inc (NASDAQ:EVGO), ChargePoint Holdings Inc (NASDAQ:CHPT) and lithium players like Lithium Americas Corp (NYSE:LAC) and Piedmont Lithium Inc (NASDAQ:PLL) as likely to benefit from sustained clean energy initiatives.
Stocks like Plug Power Inc (NASDAQ:PLUG) could also rally, riding on investor confidence that government spending won't dry up for sectors heavily backed by the Inflation Reduction Act and the Department of Energy's Loan Programs Office.
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Trump's Win: Steel's Comeback With A Dose Of Protectionism
Peterson highlights that Trump's stance against the proposed acquisition of U.S. Steel by Nippon Steel Corp (OTCPK: NISTF) could keep the spotlight on domestic operators, while Trade Expansion Act Section 232 tariffs could make U.S. steel prices attractive.
Kaiser Aluminum Corp (NASDAQ:KALU) stands to gain over Constellium SE (NYSE:CSTM) if more tariffs come into play, thanks to Kaiser’s U.S. footprint.
Rare Earths & Base Metals: Supply Security Takes The Stage
Regardless of the outcome, Western supply chain security remains a hot-button issue, favorably positioning rare earth and graphite players like MP Materials Corp (NYSE:MP) and GrafTech International Ltd (NYSE:EAF).
For base metals, names like Alcoa Corp (NYSE:AA) and Freeport-McMoRan Inc (NYSE:FCX) may see an impact from intensified China tariffs, with pricing ripple effects dependent on global stimulus responses.
With the election outcome set to shape market dynamics, these sectors have distinct paths forward. For now, it's a wait-and-see game for investors in metals, mining, and clean tech.
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