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 Donald Trump and his administration with this weekly recap compiled by The Fly:
1. COVID-19 OUTBREAK: President Trump's administration is weighing invoking special powers through a law called the Defense Production Act to quickly expand domestic output of protective masks and clothing to fight the spread of coronavirus in the U.S., Reuters' Ted Hesson and Alexandra Alper reported, citing U.S. officials. The use of the law would mark an escalation of the White House's response to the outbreak, the authors noted. Publicly traded companies that manufacture protective masks include Honeywell (HON), 3M (MMM), Kimberly-Clark (KMB) and Alpha Pro Tech (APT).
Earlier this week, President Trump placed Vice President Mike Pence in charge of the U.S. government response to the novel coronavirus, otherwise known at COVID-19.
On Friday, Federal Reserve Chair Jerome Powell issued the following statement: "The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity. The Federal Reserve is closely monitoring developments and their implications for the economic outlook. We will use our tools and act as appropriate to support the economy."
2. TRUMP CAMPAIGN SUES NY TIMES: President Donald Trump's re-election campaign has filed a libel lawsuit against the New York Times (NYT) related to what they claim was a false story on the investigation into Russian interference in the 2016 U.S. election, reported Reuters. Asked about the suit at a White House news conference later on Wednesday, Trump said the New York Times had "got a lot wrong over the last number of years."
3. CHEVRON'S VENEZUELA OPS: The Trump administration is in talks over whether to renew a license for Chevron's (CVX) operations in Venezuela as the White House looks to raise pressure on its socialist leader, Reuters' Humeyra Pamuk and Timothy Gardner reported, citing the U.S. special envoy to Venezuela. U.S. Special Representative for Venezuela Elliott Abrams told Reuters in an interview that he would not discuss specific future activities on Chevron. "But there are conversations taking place and at the appropriate moment OFAC will say whatever it needs to say," Abrams said about the Treasury Department's Office of Foreign Assets Control.
"Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.
Honeywell
+1.85 (+1.16%)
3M
-1.04 (-0.69%)
Kimberly-Clark
-2.92 (-2.18%)
Alpha Pro Tech
-4 (-16.00%)
New York Times
+0.35 (+0.94%)
Chevron
-0.8 (-0.85%)