This year turned policy into a tradable asset. Wall Street’s 2025 rollercoaster showed how quickly government decisions can reshape entire industries. President Trump’s second term triggered a roughly $4T market wipeout in April, as sweeping tariffs and sudden policy shifts rattled confidence and punished exposed sectors. Here are the industries most affected by Washington’s moves this year:

The house always wins: Trump’s shift from subsidies to equity stakes marked the biggest rewrite of US industrial policy in decades. Markets quickly priced in that government backstop, rewarding politically protected firms while pushing aside traditional commodity and project risks.

• Oil and gas: Exxon MobilXOM
  and ChevronCVX
  benefited from deregulation and faster permitting.
• Nuclear and uranium: CamecoCCJ
  and Energy FuelsUUUU
  gained on domestic power security priorities.
• Clean energy: Bloom EnergyBE
  rebounded as AI data centers drove higher power demand.
• Cannabis: Tilray BrandsTLRY
  and Cronos GroupCRON
  surged after marijuana reclassification reset their tax outlook.
• Government-backed winners: IntelINTC
  and MP MaterialsMP
  rose from direct equity stakes and price guarantees that insulated them from market volatility.

Policy Casualties

Other sectors weren’t as fortunate. Tariffs crushed trade-sensitive industries, immigration crackdowns tightened labor supply, and smaller firms lacked the scale to absorb sudden cost shocks, accelerating consolidation across retail and transportation.

• Transportation and rail: CSXCSX
  and Union PacificUNP
  fell as tariffs cut import and export volumes, reducing trade-driven freight demand.
• Renewables and solar: ArrayARRY
  and EnphaseENPH
  slid after tax credits were eliminated and tariffs pushed project costs higher.
• Streaming: NetflixNFLX
  and DisneyDIS
  weakened on foreign film tariff threats that would raise content costs.
• International autos: FerrariRACE
  and VolkswagenVWAGY
  were hit by global auto tariffs, squeezing margins on foreign-built vehicles.
• Apparel and footwear: NikeNKE
  and MattelMAT
  suffered as Asia-focused supply chains became tariff targets.
• Senior care: BrookdaleBKD
  and SabraSBRA
  faced margin pressure as labor shortages drove wages higher.
• Shipping: MaerskAMKBY
  and MatsonMATX
  struggled as tariff-driven trade slowdowns cut shipping volumes.

Forward-looking stakes: Heading into 2026, Wall Street is leaning into a familiar rotation as market leadership broadens beyond Big Tech. Strategists are moving capital toward under-owned sectors like health care, industrials, and energy, betting that stretched tech valuations and heavy AI spending give way to a more old-school, early-cycle market — where laggards finally start to lead. The safest trade for 2026 might just have a boring personality.