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Health Stocks Shake After Trump's Surprising Health Pick

USA, Europe, FALSEFriday, November 15, 2024

When President-elect Donald Trump chose Robert F. Kennedy Jr. to lead the Department of Health and Human Services, health stocks took a dive. Kennedy is known for his skepticism about vaccines, which worried investors. Companies making vaccines, like France's Sanofi and London-listed GSK, saw their shares drop over 4% in early European trading. Pharmaceutical stocks also fell, with US-listed companies like Moderna, Pfizer, and Novavax continuing their declines from the previous day. This news came as Trump criticized the industry for supposedly spreading misinformation.

Kennedy's appointment could bring uncertainty to the biotech sector, according to Brian Abrahams from RBC Capital Markets. But will the Senate approve this controversial pick? No one's sure yet. Kennedy has previously made strong statements against Covid-19 vaccines, comparing them to historical atrocities. As head of HHS, he would oversee important health programs, including the CDC and FDA.

fda cdc rbc capital markets pfizer human services france brian abrahams robert f kennedy jr presidentelect donald trump

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