The small Kennedy effect: Major exodus of pharmaceutical stocks in the USA

Several weeks have passed since Trump nominated Alex Azar as Secretary of Health and Human Services, yet the trend of investors withdrawing from the medical care sector has not diminished. So far this year, the performance of the Health Care Select Sector SPDR Fund (XLV) in comparison to the S&P 500 index is approaching the lowest level in the past thirty years. Goldman Sachs believes that significant economic events may need to occur + related policies become clearer + corporate profit expectations are raised in order to attract investors back.

wallstreetcnDec 8 22:05 ET

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The "Diet Duo" leads a sharp decline in pharmaceutical stocks, as Trump's new health secretary opposes vaccines and weight loss drugs.

Kennedy, known as the "anti-vaccine pioneer," strongly opposes GLP-1 drugs, believing they are the wrong approach to addressing the obesity crisis. On Friday, the stock prices of the "weight loss giants" eli lilly and co and novo-nordisk a/s fell by 4.93% and 3.4%, respectively, and other companies dedicated to developing weight loss drugs also suffered heavy losses.

wallstreetcnNov 17 07:00 ET