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Wall Street is already making big bets on what take two for a White House led by Donald Trump will mean for the economy.

Since Election Day, investors have sent prices zooming for stocks of banks, fossil-fuel producers and other companies expected to benefit from Trump’s preference for lower tax rates and lighter regulation. For retailers, meanwhile, the outlook is murkier because of uncertainty about whether they’ll be able to absorb any of the higher costs created by tariffs.

Professional investors are warning about the risk of getting carried away by the momentum. While strong rhetoric on the campaign trail can cause these big swings, not all of the promises turn into actual policy. Plus, the broad U.S. stock market tends to move more on long-term growth in profits than anything else.

Here are some of the biggest winners and losers, in Wall Street’s eyes, that could affect the real estate and finance worlds:

Banks

Bank stocks could benefit if Trump’s policies boost the U.S. economy and more customers apply for loans. In addition, Wells Fargo banking analyst Mike Mayo believes the Trump victory can usher in a “new era” of lighter financial regulation after 15 years of stricter oversight following the financial crisis of 2008-2009. Under Biden, banks were facing requirements to set aside more capital to reduce risk, but the Trump administration is likely to take a step back.

Dealmaking could see a revival under Trump, which would help banks with large investment banking operations like Morgan Stanley and Goldman Sachs. That also increases the odds the pending merger between Capital One Financial and Discover Financial gets federal clearance. Regional banks should benefit if a growing economy prompts the creation of new small businesses or the expansion of existing ones.

Building Materials and Construction

Construction companies are looking at a mixed bag, with lighter regulations a plus but higher materials costs a potential minus.

Construction companies, including homebuilders KB Home and PulteGroup, could benefit from tax incentives and more friendly regulations. A surge in development could help relieve some pressure on a housing market pressured by a lack of supply for new homes. A boost in construction could would also increase business suppliers of raw materials including steel and aggregates used in concrete.

But the potential for overall raw material price increases is a threat. Higher costs could cut into profits for construction companies and homebuilders. Steel tariffs could help shield U.S. producers from competition, but a jump in global prices as a result could negate that benefit, while also squeezing construction companies.

Plans for an immigration crackdown could worsen an existing labor shortage and result in delays for projects.

Retail

Trump’s victory brings a big dose of uncertainty for the retail industry.

Trump has proposed extending 2017 tax cuts for individuals and restoring tax breaks for businesses that were being reduced. He also wants to further cut the corporate tax rate. Those would be tailwinds for shoppers and businesses, analysts said.

But the president-elect’s trade proposals could have a huge downside. He’s proposed 60% tariffs on Chinese goods and tariffs of 10% to 20% on other imports. Neil Saunders, managing director of GlobalData, a research firm, said retailers would either take a big hit on profits or be forced to increase prices.

As opposed to Trump’s first term, retailers will have a harder time absorbing tariffs this time because their costs of doing business are already higher, Saunders said.

Many companies, including Nike and eyewear retailer Warby Parker, have been diversifying their sourcing away from China. Shoe brand Steve Madden says it plans to cut imports from China by as much as 45% next year.

The National Retail Federation is forecasting higher prices for U.S. shoppers if Trump’s new tariffs are implemented. For example, an $80 pair of men’s jeans would cost $90 to $96.