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. WEDNESDAY SELLOFF, FOLLOWED BY RECOVERY: Allegations that President Trump pressured James Comey, who he has recently fired from his post leading the FBI, to drop the investigation of Michael Flynn’s possible links to Russia were pointed to as the impetus for the S&P 500 (SPY) suffering its largest daily decline of the year on Wednesday. However, the subsequent appointment of Robert Mueller to act as an independent investigator and news of the potential appointment of Joe Lieberman as the next head of the FBI helped stabilize the political picture and may have been contributors to the two-day rebound in the S&P and the broader market that significantly limited the weekly losses.
2. SAUDI ARABIA VISIT: President Trump departed Friday on the first international trip of his presidency, with his first stop to be Saudi Arabia. The visit is widely expected to include the signing of several defense agreements, as the oil-rich kingdom is among the world’s largest military buyers and the U.S. is the world’s leading arms exporter. Executives from about 45 U.S. companies will be participating in a business forum that will include defense contractors Lockheed Martin (LMT), Raytheon (RTN) and Boeing (BA). CEOs attending will also include Jamie Dimon of JPMorgan (JPM), Michael Corbat of Citigroup (C), James Gorman of Morgan Stanley (MS), Andrew Liveris of Dow Chemical (DOW) and Stephen Schwarzman of Blackstone (BX). Additionally, deals between Saudi Aramco, the state-owned energy giant, and U.S. companies are expected to be announced. These may include announcements from oil services groups Schlumberger (SLB), Halliburton (HAL) and Weatherford International (WFT), drilling contractors Nabors Industries (NBR) and Rowan (RDC), and engineering and construction companies KBR (KBR), Jacobs Engineering (JEC) and McDermott (MDR), according to the Financial Times.
