The 2024 U.S. elections are shaping up to be a big deal for both politics and the economy. With Election Day coming soon, both parties are ramping up their campaigns, each with policies that could shake up the market. For investors looking to trade around this major macro-level event, brokerage firm Oppenheimer has picked out some stocks they think are worth watching as the election nears. A few particular names of note from their watchlist are tech stocks Nvidia (NVDA), Snap (SNAP), and Tesla (TSLA), which could see big moves based on which candidate wins this November.
Of course, these stocks are no strangers to big, headline-driven price swings. Shares of leading graphics chip designer Nvidia (NVDA) skyrocketed 8.2% on Sept. 11 as CEO Jensen Huang touted “incredible” demand for the company's products at a conference. Social media site Snap's (SNAP) stock lost nearly 30% of its value in August, with most of the drop occurring in a single session on Aug. 2 as investors reacted to Q2 earnings. And while Tesla (TSLA) continues to lead the U.S. electric vehicle (EV) market, holding almost half the market share as of Q2, the stock has significantly underperformed its mega-cap peers with a 7.3% loss in 2024.
