President Joe Biden hosted his first State of the Union Address Tuesday in front of members of Congress. In the speech, Biden discussed several items that he has already helped pass along with more future initiatives.
Here is a look at stocks to watch after the State of the Union address.
Pharmaceutical Companies:
In 2016, then- Vice President Biden launched the Cancer Moonshot program the help boost spending on medical research to take on various types of cancer.
In 2022, Biden announced plans to boost spending and reduce the death rate from cancer by 50% over the next 25 years.
The Partnership for Accelerating Cancer Therapies includes 11 companies working to boost treatments for various types of cancers. The companies are $AbbVie(ABBV.US)$, $Amgen(AMGN.US)$, $Bristol-Myers Squibb(BMY.US)$, Celgene (owned by $Bristol-Myers Squibb(BMY.US)$), Genetech (owned by Roche), $Gilead Sciences(GILD.US)$, $GlaxoSmithKline(GSK.US)$, Janssen Research (owned by $Johnson & Johnson(JNJ.US)$), $Novartis AG(NVS.US)$, $Sanofi(SNY.US)$, and $Pfizer(PFE.US)$.
Biden announced his Unity Agenda, which included ending cancer as we know it as one of four bipartisan issues that can be passed.
Social Media:
Biden took aim at social media platforms and the data collected from children.
"It's time to strengthen privacy protections, ban targeted advertising to children, and demand tech companies stop collecting personal data on our children."
The comment could be aimed at companies like $Meta Platforms(FB.US)$ and $Twitter(TWTR.US)$. A push to change data collection and advertising could hurt advertising revenue down the road for the companies.
Body Cameras:
Biden praised the Justice Department for requiring police body cameras. Body camera companies include $Axon Enterprise(AXON.US)$ and $Motorola Solutions(MSI.US)$.
COVID-19 Tests:
Following up on a plan to provide free at-home COVID-19 tests, Biden shared plans for Americans to once again receive free tests from the U.S. government.
Companies that make COVID-19 tests include $Abbott Laboratories(ABT.US)$, $Quidel(QDEL.US)$ and $OraSure Technologies(OSUR.US)$.
Pharmacies:
Along with at-home COVID-19 tests, Biden announced the launch of "test to treat," an initiative that will allow Americans to get tested at a pharmacy. If they test positive they will receive antiviral pills "on the spot at no costs."
This initiative could provide a traffic and sales boost to pharmacy companies that include $CVS Health(CVS.US)$, $Walgreens Boots Alliance(WBA.US)$ and $Rite Aid(RAD.US)$.
Pfizer's Paxlovid, an antiviral oral treatment for COVID-19, was also singled out during the speech.
Insulin Costs:
Biden said he wants to cap the cost of insulin at $35 a month, making it more affordable for consumers. The leading insulin providers are $Novo-Nordisk A/S(NVO.US)$, $Sanofi(SNY.US)$ and $Eli Lilly and Co(LLY.US)$.
Electric Vehicles:
Biden used a portion of the State of the Union to discuss his plan to combat climate change, which includes lowering the price of electric vehicles.
Biden shouted out automotive companies $Ford Motor(F.US)$ and $General Motors(GM.US)$during his speech.
"Ford is investing $11 billion to build electric vehicles — creating 11,000 jobs across the country. General Motors is making the largest investment in its history, $7 billion to build electric vehicles, creating 4,000 jobs in Michigan," Biden said.
The exclusion of $Tesla(TSLA.US)$ from the speech prompted a response from CEO Elon Musk, as Tesla remains the leading producer of electric vehicles in the U.S.
Infrastructure:
The Bipartisan Infrastructure Law is on the path to fix over 65,000 miles of highway and help "rebuild America." Biden highlighted the recent announcement that 1,500 bridges will be repaired across the U.S. this year.
Companies that could benefit from increased infrastructure spending include $Caterpillar(CAT.US)$, $Deere(DE.US)$, $Vulcan Materials(VMC.US)$, $United States Steel(X.US)$, $Nucor(NUE.US)$, and $Jacobs Engineering(J.US)$.
Intel Shoutout:
Semiconductor company $Intel(INTC.US)$ got a shout out from Biden during the State of the Union speech. Intel is building two factories in Ohio, as part of the largest economic development in Ohio history. Intel CEO Pat Gelsinger was in attendance at the State of Union.
Biden praised the plan as a way to help America from supply disruptions from other countries. The president called on Congress to provide billions of dollars in support for domestic semiconductor production for companies like Intel.
Mental Health:
Another pillar of the "Unity Agenda" was to better mental health care. One pure-play company in the mental health space is $Talkspace(TALK.US)$, which provides virtual offerings with licensed mental health providers.