Jim Cramer explains why it’s not clear which stocks will rally under Harris or Trump

As Americans cast their votes in a history-making presidential race between former President Donald Trump and Vice President Kamala Harris, CNBC’s Jim Cramer explained that few sectors are currently obvious winners or losers under either candidate’s administration.

“This presidential prognostication game is meaningless until we start hearing about cabinet appointments, those will tell us a lot,” he said. “Right now, though, there are just too many political angles to every single stock story.”

Cramer first looked at tech giant Apple, noting that under the Biden administration it’s facing an antitrust lawsuit from the Department of Justice. But the iPhone maker’s stock has rallied since the lawsuit, he said, and suggested there may not be reason to assume Apple will fare better with Trump at the helm. Trump has promised to significantly raise tariffs, especially on goods coming in from China. The duties could hurt Apple’s earnings, as the company relies heavily on imports from the country.

He looked at Amazon through a similar lens, saying that even though Biden-appointed Federal Trade Commission leadership has accused the company of wielding illegal monopoly power, the stock has seen immense gains over the past few years. He even posed that Wall Street might like spin-offs of the company. But during Trump’s previous term, he seemed to show disdain for the online retailer and its tax practices— even as his FTC leaders may be more lenient towards big business.

“When it comes to many stocks that seem obvious for one candidate or another, there’s a Yin and Yang dynamic that doesn’t get enough attention,” Cramer said.

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Disclaimer The CNBC Investing Club Charitable Trust holds shares of Apple and Amazon.