If presumptive Democratic presidential nominee Joe Biden is elected in November, several pressures on the stock market will emerge.

Here’s a guide to Biden's core issues—and how to pick stocks before a possible Biden victory.

Biden plans to raise corporate taxes, which lowers earnings immediately. Look for companies headquartered in non-U.S. countries or companies with such a global footprint that only a small portion of their earnings are taxed in the U.S. According to analysts at RBC Capital Markets, Lululemon( LULU ) - Get Reportis a nice pick because it’s domiciled in Canada. Mcdonald’s( MCD ) - Get Reportis a good pick because a considerable portion of its earnings come from Europe and Asia.

Biden also plans to raise taxes on the wealthy: this potentially lowers spend from high-end consumers. Buy lower-end consumer companies. Dollar Tree( DLTR ) - Get Reportor Dollar General( DG ) - Get Reportare examples. Walmart( WMT ) - Get Reportis RBC’s example.

His plan to raise wages pressures operating margins for corporations, but does increase the purchasing power of the consumer. RBC notes that stronger purchasing power for wage workers could work well for consumer spend at Walmart, although Walmart would also have to pay higher wages to employees. We’ll have to see about the net result.

Biden’s stance on renewable energy is a negative for energy companies that can’t make the shift, but a positive for those that are. RBC says Valero( VLO ) - Get Reportis the second largest renewable diesel producer in the world.

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