President-elect Donald Trump made his first formal news conference, churning financial markets and U.S. stock exchange traded funds.
The S&P 500 Index, along with related funds including the SPDR S&P 500 ETF (NYSEArca: SPY), iShares Core S&P 500 ETF (NYSEArca: IVV) and Vanguard 500 Index (NYSEArca: VOO), were 0.3% lower Wednesday.
U.S. stocks were dragged lower after Trump’s comments. Leading the fallout, the healthcare sector suffered the most on Trump’s commitment to fight against exorbitant drug prices, with the broad Health Care Select Sector SPDR (NYSEArca: XLV) down 1.7% on Wednesday.
They’re “getting away with murder,” Trump said of pharmaceutical companies. The President-elect also called for “new bidding procedures” for the drug industry, the Wall Street Journal reports.
“The healthcare space is definitely going to be a vertical in the market that is going to see some volatility and it is going to be day-to-day,” Peter Kenny, senior market strategist at Global Markets Advisory Group, told Reuters.