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Trump’s Press Conference (Temporarily) Kneecaps Rally
It was an extraordinary news conference that was well worth the wait, but for the financial market, remarks from Donald Trump raise questions on pricing power and profitability. First, drug and biotech names, which had been the leaders of this week, took an immediate dive. Shares of Lockheed Martin (LMT) also took it on the chin.
The president-elect is pledging to curb spending:
`We're Going to Start Bidding' on Drugs to Save Money
Trump calls for 'new bidding procedures' with drug companies- headline from www.thehill.com
Going to Get Plane Costs (on F-35) “Way Down”
The NASDAQ fell swiftly but the Dow Jones Industrial Average, which appeared to be on its way to 20,000 as the street was focused on the confirmation hearing of Rex Tillerson, gave up all its gains.
Dow Jones Industrial Average
Donald Trump didn’t say anything new during the press conference but reminded the business world things will be different, including getting shout outs like Ford and Carrier (United Technologies). This actually provides the perfect backdrop for the reminder of the session.
The market is going to have to learn to deal with these press conferences for the next four years. Meanwhile, it looks like the cabinet will be confirmed, and for the moment, this is much bigger news and may be what drives the rest of the session.
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