These stocks could have the most to lose if a progressive Democratic agenda takes hold in 2020

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2020 presidential candidates Pete Buttigieg, mayor of South Bend, from left, Senator Bernie Sanders, an independent from Vermont, Former U.S. Vice President Joe Biden, and Senator Elizabeth Warren, a Democrat from Massachusetts, stand on stage during the Democratic presidential candidate debate in Houston, Texas, U.S., on Thursday, Sept. 12, 2019.

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Despite the fact that the 2020 presidential election is more than a year away, investors are looking at the potential impact of a progressive political agenda on the stock market.

J.P. Morgan, in a new report, compiled a list of firms that would be most affected by progressive policy initiatives, in areas like anti-trust, financial regulation, climate change, health-care reform and minimum wage.

The company expects these select stocks to under-perform relative to the market if a progressive Democratic candidate is elected.

2020 candidates Joe Biden, the former vice president, Sen. Bernie Sanders, I-Vt., and Sen. Elizabeth Warren, D-Mass., are leading in national polls. There are 19 Democratic presidential candidates still in the race. Betting markets provide Trump with a slight advantage, though the top Democratic contenders are ahead of him in most national polling. 

Here are some of the stocks J.P. Morgan expects would under-perform:



Exxon Mobil


Lockheed Martin

Northrop Grumman

Consumer discretion:


Papa John’s

Consumer staples:

Walgreens Boots Alliance Inc.


CVS Health



Bank of America

Wells Fargo

Information Technology:

Booz Allen Hamilton Holding

Communication Services:



Real Estate:

CoreCivic Inc.

GEO Group Inc.

Michael Bloom contributed to this report

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