Week In Review: How Trump's Policies Moved Stocks - Saturday, June 6

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 Donald Trump and his administration with this weekly recap compiled by The Fly:


On Friday, the Bureau of Labor Statistics shocked the market by reporting that nonfarm payroll employment rose by 2.5 million in May, and the unemployment rate fell to 13.3.%. Bloomberg's consensus forecast called for a decline of 7.5M jobs and a 19.0% unemployment rate last month. In response, President Trump took to Twitter first, then a podium at the White House, to share his view on the "really big jobs report."


Five companies have been selected by the Trump administration as the most likely to produce a vaccine for the coronavirus, The New York Times' Noah Weiland and David E. Sanger reported on Wednesday, citing senior officials. The announcement of the decision will be made at the White House in the next few weeks, government officials said. The five companies are Moderna (MRNA), AstraZeneca (AZN), Johnson & Johnson (JNJ), Merck (MRK) and Pfizer (PFE). By narrowing the field, the White House is betting it can identify the most promising vaccines at an early stage, speed along the process of determining which will work and ensure that the winner or winners can be quickly manufactured in large quantities, the publication added.

Among the notable names left out were Inovio (INO) and Novavax (NVAX), which both saw their stocks slide following the Times' report. Commenting on the omission, Cantor Fitzgerald analyst Charles Duncan said that leaving out DNA and protein-based vaccine platform approaches is "short-sighted," and argued that Inovio’s INO-4800 and Novavax's NVX-CoV2373 "should not be disregarded as candidates." On Thursday after market close, Novavax announced that the company has been awarded a contract by the U.S. Department of Defense for the manufacturing of NVX-CoV2373, Novavax' COVID-19 vaccine candidate.

1 2 3
View single page >> |

Disclosure: None.

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.