The Republican platform also called for a commission, similar to one in the Reagan presidency to study the feasibility of a "metallic basis for the currency." Dan Clifton, head of policy research at Strategas, said the reference to a possible gold standard is in reaction to concern about the easing policies of the Federal Reserve, which the GOP platform proposed to audit.
Some analysts have said gold would do well if Trump were to win because it would be viewed as a hedge against the uncertainty he would bring to the White House, but Clifton said gold miners have historically done well under Republicans. "Freeport McMoRan is positively correlated to Republicans," Clifton said.
Clifton said he expects Trump to put corporate taxes at the top of his agenda.
"I'm trying to gauge what is a priority, and I think the repatriation is a big thing, and the emphasis on corporate tax reform," said Clifton. Tax reform has a big role in the Republican platform, and if given a tax break, corporations would willingly bring back the large cash hordes they have overseas.
"I think both Hillary and Trump need a deal in 2017. I think some kind of a deal that combines repatriation for earnings — the corporate profits that are stashed in Europe. It's a huge story for drug companies and technology companies," said Valliere.
"The other part of the story is the infrastructure stocks," he added. "I would say both Trump and Hillary could have a surprising degree of agreement on this."
Clifton said Trump, who has vowed to build up the military and update weapons systems and equipment, would be the big spender, benefiting defense contractors. Trump has also said he would be tough on immigration and build a wall on the southern U.S. border.
Mention of the wall is in the Republican platform, but Clifton said increased border security could likely mean beefed up spending on such things as drones and other surveillance technology. Public drone-related companies include names like GoPro and Ambarella, which makes high definition video chip sets for cameras mounted in drones.
"Defense spending is going up regardless of who is president. The market is making that bet now. If Hillary wins, it's already priced in. … If Donald wins it gets that next upside," said Clifton, noting there would also be an increase in cybersecurity expenditures.
Trump has been adamant on both trade and toughening immigration. He has spoken against trade deals that disadvantage U.S. producers. Trump has spoken against the North American Free Trade Agreement with Mexico and Canada and is against the proposed Trans Pacific Partnership, as is Clinton.
The Republican platform said: "We envision a worldwide multilateral agreement among nations committed to the principles of open markets, what has been called a "Reagan Economic Zone," in which free trade will truly be fair trade for all concerned. We need better negotiated trade agreements that put America first."
It went on to say "carefully negotiated" deals with "friendly democracies" result in millions of U.S. jobs but when agreements do not protect U.S. interests, they should be rejected.
"It's a genuine concern, but investors have to realize he could take action without congressional approval. I do think that's a serious threat, but I would also say that neither he nor Hillary is going to be very aggressive looking for new trade deals," Valliere said. "I think we hit a wall on things like the Trans Pacific Partnership. With him there's a serious risk there could be worsening relations with China."
If there were to be resulting trade conflicts, analysts say, the risk would be to big U.S. industrial companies and other exporters.
"I think with his talking so tough on trade, you could almost say that's going to be an additional incentive for people to focus on domestic stocks, such as utilities, telecom and maybe consumer discretionary, and maybe also mid caps and small caps which have less of an international nature," said Stovall.
Trump's tough position on immigration is also seen as something that could hurt the industries most reliant on foreign workers, such as agriculture and the leisure industry, including hotels and restaurants.
At the same time, those types of minimum wage industries could be impacted by Clinton, if she were to increase minimum wages. Clifton said a beneficiary of that could be dollar stores, with sales lifted by more spending power from that wage group.