ETFs Gain As Companies Reassure Employees Amid Supreme Court Decision

Many ETFs are climbing amid a broad market rally and as companies support employees amid news that the controversial Roe v. Wade decision was overturned by the Supreme Court.

The U.S. Supreme Court on Friday overturned Roe v. Wade, a contentious ruling that held for nearly half a century, providing the federal right to obtain an abortion.

Following an unusual leak that the decision might be overturned, several companies, including Tesla, Amazon, and Apple, communicated that they would reimburse employee travel expenses incurred to receive abortion care.

One particularly notable effort to reassure staff came from Disney, which sent an internal memo to employees Friday, alerting them that the company will assist with pregnancy-related care if they are required to travel to a different state in lieu of the Supreme Court’s decision.

“Our company remains committed to removing barriers and providing comprehensive access to quality and affordable care for all of our employees, cast members, and their families, including family planning and reproductive care, no matter where they live,” Paul Richardson, chief human resources officer, and Pascale Thomas, vice president of enterprise benefits and well-being, said in the memo.

“In fact,” they added, “we have processes in place so that an employee who may be unable to access care in one location has affordable coverage for receiving similar levels of care in another location. This travel benefit covers medical situations related to cancer treatments, transplants, rare disease treatment, and family planning (including pregnancy-related decisions).”

JP Morgan was another company with words of encouragement for their employees following the Supreme Court’s decision.

“Our health care plans have historically covered travel benefits for certain covered services that would require travel,” JPMorgan told employees. “Beginning in July, we will expand this benefit to include all covered services that can only be obtained far from your home, which would include legal abortion.”

The Invesco Dynamic Media ETF (PBF), John Hancock Multifactor Media & Communications ETF (JHCS), and Fidelity MSCI Communication Services Index ETF (FCOM), which all have healthy allocations of Disney, saw gains today amid the news. Meanwhile, the iShares U.S. Financial Services ETF (IYG), with a significant portion of JP Morgan, also saw a more than 3% rise.

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