Market Downturn Follows Presidential Appeal

In a bold move that sent shockwaves through Wall Street, President Donald Trump has directly appealed to 17 leading pharmaceutical companies, urging them to reduce the cost of prescription drugs. Highlighting the stark disparity in drug pricing, the President pointed out that Americans often pay up to three times more for the same medications compared to other nations.

Immediate Impact on Stock Indices

The financial markets responded swiftly to the news, with the Dow Jones Industrial Average dropping by 0.28% by 2:40 pm ET. The Nasdaq 100 and the S&P 500 also felt the pressure, recording declines of 0.13% and trading flat, respectively.

Pharmaceutical Stocks Take a Hit

Leading pharmaceutical companies saw their stock prices tumble in the wake of the announcement. Bristol Myers Squibb led the downturn with a 4.44% decrease, while Johnson & Johnson and Merck experienced drops of 1% and 3.82%. Other notable declines included Amgen (1.52%), Eli Lilly (1.84%), Novo Nordisk (4.74%), and GSK (3.89%).