Healthcare Stocks Slide After Trump Says “Drug Prices Out Of Control”
Another day, another Trump soundbite to bring the algos out of hibernation. Moments ago the commented on tax and welfare reform, stating that “some people are taking advantage of the system while others are not receiving enough to live.”
- TRUMP SAYS LOOKING TO REDUCE GOVERNMENT SPENDING HEADING INTO NEXT BUDGET SEASON
- TRUMP SAYS LOOKING AT WELFARE REFORM IDEAS
- TRUMP SAYS SOME PEOPLE ARE TAKING ADVANTAGE OF THE SYSTEM WHILE OTHERS ARE NOT RECEIVING ENOUGH TO LIVE
But what really spooked the market was Trump reprising Hillary circa the summer of 2015, when the president said that “prescription drug prices are out of control.”
- TRUMP SAYS PRESCRIPTION DRUG PRICES ARE OUT OF CONTROL
As Bloomberg adds, Trum told reporters at start of cabinet meeting that “prescription drug prices are out of control” and that “the drug companies frankly are getting away with murder.”
Says Americans pay as much as quadruple for drugs, compared with other countries, and that he wants to bring prices down to levels seen elsewhere.
“The world is taking advantage of the United States”
This was enough for the headline scanning algos to immediately send the IBB, XBI and the S&P healthcare index tumbling, wiping out the day’s gains.
However, as by now it has become all too clear to the algos that any Trump-inspired selloff is merely an opportunity to reload the BTFDs, we begin the countdown to how long it will take the algos to fill the gap, as if Trump never said anything at all…