Healthcare stocks may struggle to gain momentum as Democrats prepare to take control of Congress. Jared Holz, Mizuho’s healthcare specialist, expects legislative gridlock to limit progress over the next few years. He favors medical technology stocks over pharmaceutical companies, which trade at higher valuations than technology companies for the first time in 20 years. The State Street Health Care Select ETF rose 3% in the day after Election Day but ended the week virtually flat and has gained about 32% since Donald Trump took office in January 2025. A major catalyst could emerge if Democrats win the White House in 2028 and reverse some Trump administration policies.
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