Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Trump and his administration with this weekly recap compiled by The Fly.
1. CEO MEETING: On Tuesday, President Donald Trump met with about 20 chief executives, including the heads of General Motors (GM), IBM (IBM), Wal-Mart (WMT), Tesla (TSLA), BlackRock (BLK) and Blackstone (BX) to discuss his administration’s priorities on the budget, transportation, environment, education and commerce. During this “strategic and policy CEO discussion,” Trump stated: “You can take a look at Dodd-Frank. For the bankers in the room, they’ll be very happy because we’re really doing a major streamlining and, perhaps, elimination, and replacing it with something else.” Publicly traded large U.S banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS) and Wells Fargo (WFC).
2. HEALTH CARE REFORM STILL A PRIORITY: In a Fox Business interview earlier this week, Donald Trump said, “We’re going to have tax reform at some point very soon. […] We have to do health care first to pick up additional money so we get great tax reform. So we’re going to have a phenomenal tax reform, but I have to do health care first, I want to do it first to really do it right. Health care has been going along…” Publicly traded health insurers and hospital operators include Aetna (AET), Anthem (ANTM), Centene (CNC), Cigna (CI), Health Net (HNT), Humana (HUM), Molina Healthcare (MOH), UnitedHealth (UNH), WellCare (WCG), Community Health (CYH), HCA Holdings (HCA), LifePoint (LPNT), Tenet (THC) and Universal Health (UHS).
3. INDUSTRIAL METALS: Shares of most companies related to the industrial metals group, including U.S. Steel (X), Nucor (NUE), and AK Steel (AKS), were under pressure on Wednesday following a Financial Times report on weak China demand and as the “Trump Trade” fades. After the new President’s recent budget proposal hinted at cuts to the Department of Transportation’s spending and Amtrak subsidy plans, American Public Transportation Association’s Art Guzzetti said: “We’d been so encouraged by all the talk of investing in infrastructure, but the budget has been discouraging,” according to a recent New York Times article.