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. BANK SECTOR: The week started with President Donald Trump saying he is actively weighing breaking up large banks, according to media reports. “I’m looking at that right now,” Trump said on the matter in an interview with Bloomberg News. “There’s some people that want to go back to the old system, right? So we’re going to look at that.” During his campaign, the president called for a “21st century” version of the Glass-Steagall law that required the separation of consumer lending and investment banking, an act which was repealed in 1999 under a financial deregulation signed by then-president Bill Clinton. Publicly traded large U.S. banks include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).
2. AMERICAN TECHNOLOGY COUNCIL: On Monday, Donald Trump signed an executive order establishing the American Technology Council to “to promote the secure, efficient, and economical use of information technology to achieve [United States’] missions.” The White House will meet with roughly 20 tech CEOs in early June to discuss potential improvements to government IT, according to a report by Reuters, citing a White House press release and statements from a White House official. Technology companies that have previously met with the Trump administration include Oracle (ORCL), Tesla (TSLA), Apple (AAPL), IBM (IBM), Microsoft (MSFT), Facebook (FB), Alphabet (GOOG; GOOGL), Amazon (AMZN) and Intel (INTC).
3. HEALTH CARE REFORM: On Thursday, the House passed the bill intended to replace and repeal Obama’s Affordable Care Act, which is now headed to the Senate where it is expected to face daunting challenges. Publicly traded companies in the hospital, healthcare, and insurance spaces include Community Health (CYH), HCA (HCA), LifePoint (LPNT), Tenet (THC), Universal Health Services (UHS), UnitedHealth (UNH), Ventas (VTR), Centene (CNC), Health Net (HNT), Molina Healthcare (MOH), WellCare (WCG), Aetna (AET), Anthem (ANTM), Cigna (CI) and Humana (HUM).
