Recent market volatility has left many thinking about the potential impact of the 2024 US presidential election on stocks. EquitySet CEO Tony Zipparro joins Yahoo Finance to discuss three sectors to watch ahead of the election, including energy, technology, and consumer discretionary.
"If we're looking directly on themes and kind of motifs we can pull out of elections," Zipparro says, "you look for the overlap, the Venn diagram of what is to avoid or consider in either candidates' case. And so when you look at policies… you look at domestic… and you look at innovation… you take those and you can kind of sprinkle it through any sector you want to look for good finds… or finds that may be positioned poorly based on what the policy comes to be." He thinks it makes more sense to pick individual stocks instead of a basket of stocks.
In energy, Zipparro's top picks are Chevron (CVX), NextEra Energy (NEE), Dominion Energy (D), and Tesla (TSLA), while some names to avoid are Peabody Energy (BTU) and Chesapeake Energy (CHK).
In tech, some names Zipparro says to consider are Nvidia (NVDA) and Advanced Micro Devices (AMD). "It's really... looking at domestic. Most semis have a large exposure to international supply chain production, manufacturing, something. And so that's where I think you look at innovation because the domestic picture isn't as clear," Zipparro notes.
In consumer discretionary, Home Depot (HD), Lowe's (LOW), Columbia Sportswear (COLM), and Yeti (YETI) are among Zipparro's top picks. "I think it's buying into those that are domestic... or manufacture and produce more in the US," Zipparro says.
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