Investing.com — As earnings releases continue and investors react to the U.S. election this week, various stocks, including some major names, have experienced significant movements. Here are the top stocks of the week according to Investing.com:
Tesla (NASDAQ:)
Following the election results, shares of Elon Musk’s electric vehicle giant Tesla surged, gaining over 6% (at the time of writing) on Friday. The stock rose more than 25% in the past week as investors responded positively to Trump’s win.
On Friday, Tesla even surpassed the $1 trillion valuation mark as investors anticipate potential benefits for Musk’s companies under a Trump administration, given the CEO’s support for the campaign.
Bank of America analysts raised their target for Tesla to $350 from $265 post-election results. They mentioned, “Our analysis indicates that TSLA should not be significantly affected directly by most policies discussed in our recent election note, but could benefit from a shift towards federal regulation of autonomous vehicles/full self-driving (FSD) nationwide.”
“Furthermore, while it’s hard to predict how Elon Musk’s growing public relationship with President Trump could impact Tesla, this relationship should be closely monitored,” they added.
Bank Stocks
Bank stocks are also expected to benefit from the incoming Trump administration with potentially reduced regulation.
Wells Fargo (NYSE:) and Goldman Sachs saw a 13% increase on Wednesday, while Bank of America and Citigroup (NYSE:) gained 8% in response to the election.
According to a Bank of America analyst, the election outcome is “positive for bank stocks,” with expectations of a “more balanced regulatory environment.”
Oil/Solar Stocks
Oil stocks like Chevron (NYSE:) and Exxon Mobil (NYSE:) experienced gains post-Trump’s election. However, initial optimism has waned as investors worry about potential policy impacts on oil prices.
Citi analysts stated in a recent note that a “Trump Presidency and potential ‘red sweep’ is likely to be marginally net bearish for oil.”
Conversely, solar stocks have declined amid fears that Trump might repeal the Inflation Reduction Act, affecting clean energy progress.
In a client note, analysts at Deutsche Bank (ETR:) mentioned that the new administration might scale back parts of the Investment Tax Credit.
Although the analysts anticipate a possible impact on overall solar demand from the administration’s policy shift, they believe Trump’s pro-domestic manufacturing stance could benefit companies like First Solar (NASDAQ:) if tariffs are upheld or increased.