Oppenheimer lists best stock ideas into the 2024 U.S. elections

Opppenheimer & Co. has published a 2024 U.S. elections playbook featuring its best equity-market ideas to provide exposure to key policy proposals and issues under a federal government controlled by the Democratic Party or the Republican Party.

The list published Monday includes stock ideas for two scenarios: if the Republicans sweep — or take control of the White House and Congress — in November, and if the Democrats sweep.

Oppenheimer said the catalyst calls are specifically related to the election, and do not necessarily represent analysts’ top ideas or Outperform-rated names. The “playbook is intended to help investors navigate trading dynamics around the elections,” Oppenheimer said. “Over the longer term, we expect stocks’ behavior will more likely be a function of broader market/industry-level trends and individual company performance.”

Republican sweep ideas are highlighted in red. The best ideas list includes:

– Industrial & overall economic policy

• Republican sweep: Caterpillar (NYSE:CAT), Regal Rexnord (NYSE:RRX), Tractor Supply (NASDAQ:TSCO), XPO (NYSE:XPO)
• Democratic sweep: CMCSA, ETN
• Business Development Companies (For either a Republican or Democratic Sweep): Ares Capital (NASDAQ:ARCC); Crescent Capital BDC (NASDAQ:CCAP); Golub Capital BDC (NASDAQ:GBDC); Blue Owl Capital (NYSE:OBDC), Blue Owl Capital (NYSE:OBDE), Sixth Street Specialty Lending (NYSE:TSLX)

– Climate & environmental agenda

• Democratic sweep: Arcosa (NYSE:ACA), Ameresco (NYSE:AMRC), Green Plains (NASDAQ:GPRE), KKR (NYSE:KKR), Sunrun (NASDAQ:RUN), Xylem (NYSE:XYL)
• Republican sweep: Allison Transmission (NYSE:ALSN), Tesla (NASDAQ:TSLA)

– Big Tech and AI regulation

• Democratic sweep: AppLovin (NASDAQ:APP), Snap (NYSE:SNAP), Zscaler (NASDAQ:ZS)
• Republican sweep: Apple (NASDAQ:AAPL), Alphabet (NASDAQ:GOOG)

– Trade policy

• Democratic sweep: Alcon (NYSE:ALC), Five Below (NASDAQ:FIVE)
• Republican sweep: Masco (NYSE:MAS)
• Irrespective of a Democratic or Republican sweep: Nvidia (NASDAQ:NVDA), Broadcom (NASDAQ:AVGO)

– Corporate tax policy

• Republican sweep: Carlisle Cos. (NYSE:CSL), DexCom (NASDAQ:DXCM), HubSpot (NYSE:HUBS), Republic Services (NYSE:RSG), AT&T (NYSE:T)

– Insurance regulation and tort reform

• Democratic sweep: Kinsale Capital (NYSE:KNSL), Skyward Specialty Insurance (NASDAQ:SKWD)
• Republican sweep: Progressive (NYSE:PGR)

– M&A oversight

• Republican sweep: Cisco (NASDAQ:CSCO), Goldman Sachs (NYSE:GS)

– Healthcare entitlement spending

• Democratic sweep: Centene Corp. (NYSE:CNC)
• Republican sweep: Humana (NYSE:HUM)

– Prescription drug regulation

• Republican sweep: Amgen (NASDAQ:AMGN)

– Housing policy

• Democratic sweep: D.R. Horton (NYSE:DHI)

– Aerospace and defense policy

• Democratic sweep: Altair Engineering (NASDAQ:ALTR)

– Immigration policy

• Democratic sweep: Target Hospitality (NASDAQ:TH)

Investors can track equities through exchange-traded funds. Among large-cap (SP500)(COMP:IND)(DJI) ETFs:

Dow ETFs: (DIA), (DDM), (UDOW), (DOG), (DXD), and (SDOW).

S&P ETFs: (SPY), (VOO), (IVV), (RSP), (SSO), (UPRO), (SH), (SDS), and (SPXU).

Nasdaq ETFs: (QQQ), (QLD), (TQQQ), (QID), and (SQQQ).