(Bloomberg) -- Stocks gained across the board in pre-market trading after the U.S. midterm elections played out as expected, with the Democrats taking the House and Republicans holding the Senate. A divided government and potential gridlock is seen as positive for many industries.

There are numerous sector-specific issues as well. Cannabis companies are being buoyed by legalization in Michigan, while energy investors liked results in Colorado. Banks gained as regulations are likely to keep easing, and tech stocks rallied as investors mulled possible trade and regulatory developments.

“There’s no surprise here,” with futures rising as the market offers “a shoulder shrug” to political concerns, Credit Suisse strategist Jonathan Golub said in a phone interview. “Net rancor” is already factored into the market, he says, and he sees President Donald Trump as bolstered by low unemployment and strong job creation.

Here’s a rundown of some of the stocks with the biggest moves, including those in sectors equity investors were watching ahead of the midterms:

DRUGMAKERS

RBC analyst Brian Abrahams sees upside potential for biotechnology companies on easing political concerns and the “removal of an overhang.” The ETF that tracks the Nasdaq Biotechnology Index, the broadest gauge of the industry’s performance, is indicated higher in early trading, while a more balanced biotech exchange-traded fund climbed 1.2 percent.

BANKS

The biggest banks, including Bank of America Corp., JPMorgan Chase & Co., and Citigroup Inc., rallied. Even Wells Fargo & Co. -- which many thought would be under pressure if Representative Maxine Waters were to take control of the House Financial Services Committee -- is gaining. Gridlock is positive for financial stocks, KBW’s Brian Gardner wrote in a note, as Democrats won’t “be able to block or reverse the Trump administration’s regulatory agenda.”

TECHNOLOGY

Amazon. com Inc., which has faced scrutiny from President Trump, gained 1.6 percent. Companies with China exposure, including Apple Inc. (which gets about 20 percent of its revenue from China), and chipmakers Texas Instruments Inc. and Advanced Micro Devices Inc. also rose, as investors mull whether there may be progress on trade issues.

INDUSTRIALS

Voters in California rejecting a referendum that sought to strip funding for infrastructure from Senate Bill 1 has “a positive read-across” for Granite Construction Inc. and Vulcan Materials Co., Goldman’s Jerry Revich wrote in a note. Vulcan shares rallied 3.7 percent.

ENERGY

Oil & gas investors can breathe a sigh of relief after Colorado’s Proposition 112 failed to garner enough support. The initiative would’ve required new drilling sites, processing plants and gathering lines to be more than 2,500 feet (760 meters) from homes, schools and other “vulnerable” areas. Companies impacted include Anadarko Petroleum Corp., which soared 7 percent, and SRC Energy Inc., which jumped 17 percent.

CANNABIS

Cannabis stocks gained, led by Tilray Inc. and Cronos Group, after Michigan voted to legalize adult recreational use and Missouri approved a medical marijuana ballot measure. The ETFMG Alternative Harvest exchange-traded fund, under ticker MJ, advanced 2 percent.

For more election coverage, see Bloomberg’s ELEC special report.

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