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The Donald Trump Stock Rally: Who’s Winning and Losing

The companies that President Trump tweets about get the attention (hello, Nordstrom), but those aren’t the ones whose stocks have been affected most by the White House agenda. Here are three whose prices have risen or fallen (or both) with the political tides.

Incredible, the Best
Bank of America (BAC)
+28% since Nov. 8.

A likely Dodd-Frank rollback (a Trump priority) and anticipated Fed rate hikes have stoked investors’ love—so much so that BofA’s stock has outperformed even Goldman Sachs’s (GS) since Election Day. Unlike Goldman shares, however, Bank of America’s still trade well below their pre-recession peaks.

Failing. Sad!
Macy’s (M)
–16%
since Nov. 8

Macy’s feuded with Trump the candidate over his comments about Mexicans. As President, Trump hasn’t targeted ­Macy’s, but shareholders fear the impact of a border tax on the costs of the apparel that Macy’s sells, the vast majority of which comes from overseas. (Macy’s sales haven’t been so hot, either.)

There’s something going on …
Cemex (CX)
–11% (Nov. 9–12)
+18% (Jan. 8–25)

Investors in November: “A border wall would be a disaster for a Mexican cement maker!” Investors in January: “Wait: Maybe the wall will be made out of cement!” Expect more of the same.

A version of this article appears in the March 1, 2017 issue of Fortune with the headline “Trump’s Stock Scorecard.”