The Democratic victory in the midterm elections could be a major benefit for the nation's largest hospitals. Hospital stocks rallied, while drugmakers are bracing for closer scrutiny.
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healthcarepharmaceuticalsDemocratic Partymidterm elections
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Related tickers and likely impact
SPY
• NeutralSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 11/03/2026 | 754.41 |
| Change that session | +0.31% |
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Several large U.S. companies depend heavily on Washington: about 70% of Lockheed Martin's sales come from the U.S. government, and Medicaid accounts for three-quarters of Molina Healthcare's premium revenue. A Democratic win in either chamber of Congress would give the party power to investigate companies, challenge federal spending and demand concessions, though President Trump would keep his veto and broad authority over tariffs and regulation. A Morgan Stanley analysis found the S&P 500 gained an average of 23% in the year after midterms under Republican presidents when Congress was split, versus 16% when Democrats controlled both chambers, though some analysts caution against assuming the pattern will repeat. Democrats have already sought records from donors to Trump's White House ballroom, and the 2025 tax and spending law is projected to cut federal Medicaid spending by $911 billion through 2034, a change that could pressure Molina, whose Medicaid revenue reached $32.2 billion in 2025.
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