The benchmark S&P 500 increased 70% during Donald Trump’s presidency from 2017 to 2021.

It’s hard to predict, of course, how the economy or stock market would perform should the Republican presidential candidate return to the White House.

Nevertheless, under the Trump presidency, the U.S. became a net exporter of crude oil, a significant achievement.

Besides furthering the United States’ standing as a leading producer of oil, Trump is expected to “exert influence to move interest rates lower,” bring corporate tax rates lower, and beef up defense spending, Morningstar Senior Vice President Anthony Termini tells Yahoo! Finance.

“Those themes will affect investor portfolios if he is elected in November,” Termini says.

Here are 10 stocks that could perform well under a second Trump administration. It’s no wonder that four of them are energy companies, three are in defense, and two are financial services firms.

While there’s no guarantee they’ll return Amazon’s otherworldly 200,000% rise between the late 1990s and today, they could do well for investors.

1.) Chevron (CVX)

Chevron, a corporate giant and heavy hitter on the S&P 500, has returned 56% over the past 12 months. “Chevron is one of the largest American oil and gas producers,” Termini notes. “Fewer restrictions on drilling will definitely benefit this Big Oil company.”

2.) Exxon-Mobile (XOM)

Gianmaria Feleppa, CEO of UCapital Fintech Group, believes Exxon-Mobile, whose market cap is double that of Chevron’s, could have its Amazon moment next year.

“Trump recently met with oil executives and asked for $1 billion in campaign contributions,” Feleppa says. “In return, he said he would roll back pollution regulations and approve other policies they want while dismantling parts of President Biden’s green agenda.”

3.) First Solar (FSLR)

While Trump isn’t a fan of green energy, First Solar is nonetheless one sustainable energy company worth watching, Feleppa says: “Solar panel manufacturer First Solar could benefit if Trump puts tariffs on Chinese-made solar panels, making them less competitive, which could help First Solar’s sales.”

4.) Berkshire Hathaway (BRK.A/B)

The 2017 Tax Cuts and Jobs Act, the crowning achievement of Trump’s term in office, opened the floodgates for drilling. Trump is likely to push for more of the same if he’s reelected.

“Berkshire Hathaway is one of the most profitable companies in America,” Termini notes. “The investment conglomerate run by Warren Buffett is likely to be a major beneficiary of lower tax rates.”

As of mid-2024, Berkshire had 10% of its portfolio invested in oil.

5.) Ares Capital (ARCC)

Trump has indicated that while he won’t interfere with the actions of the United States Federal Reserve Bank, he is a big proponent of lower interest rates and will use his executive power to steer them lower.

“Ares Capital is a specialty finance company that provides financing to middle-market companies,” Termini says. “Lower interest rates will mean more borrowing, which middle-market companies will likely pursue to accelerate growth.”

6.) Peninsula Energy (PENMF)

Penny stock Peninsula Energy is below the radar. Could it be the next Amazon in its embryonic stages?

It’s working on one of America’s largest uranium projects, the Lance Project, and its stock spiked 10% in 2019. Trump has promised to create a federal uranium security stockpile.

7.) Trump Media & Technology Group (DJT)

A volatile stock that surges when Trump loyalists want to show their support, and falls on negative headline news, Trump Media could, nevertheless triumph if Trump returns to the highest office in the land.

“Trump Media & Technology Group, the company that holds Truth Social, Trump’s social media platform, could get a boost if Trump uses the platform during his presidency,” Feleppa says. “It would draw a lot of views from the U.S. and abroad tracking his messages.”

8.) Kratos Defense & Security Systems (KTOS)

U.S. Global Investors thinks this stock, which has a $3 billion market cap, will soar if Trump becomes president. It already has a $499 million contract with the Department of Defense for its anti-tamper technology.

9.) Lockheed Martin (LMT)

Lockheed Martin is one of the biggest defense contractors in the world and produces drones and technology that could be used to secure one of Trump’s favorite projects: the U.S. southern border wall.

10.) Axon Enterprise, Inc. (AXON)

Axon Enterprise is another defense contractor that makes weapons, vehicles, systems and accessories for law enforcement — right up the alley for Trump’s law-and-order principles.