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. FRACKING SUPPORT: President Trump is considering issuing an executive order mandating an economic analysis of fracking, according to a report that cites senior administration officials. The initiative is aimed at highlighting his support for the energy industry in election battleground states such as Pennsylvania, The Wall Street Journal's Timothy Puko reported earlier this week.
The proposed order would ask government agencies to perform an analysis of fracking's impact on the economy and trade, and the consequences if the oil-and-gas extraction technique was banned, the officials said. It also would order those agencies to evaluate what more they can do to expand its use, possibly through land management or support of developing technology, they said. Publicly traded companies in the oil exploration and fracking space include EOG Resources (EOG), Devon Energy (DVN), Diamondback Energy (FANG), Chevron (CVX), ExxonMobil (XOM), Halliburton (HAL) and ConocoPhillips (COP).
2. TIKTOK DEAL: TikTok intends to hire roughly 3,000 engineers over the next three years, mainly in Europe, Canada, and Singapore, Reuters' Echo Wang reported. President Trump has ordered TikTok owner ByteDance, a Chinese company, to divest TikTok amid worries over personal data security, Wang noted. "To support our rapid global growth, we plan to continue expanding TikTok's global engineering team, including adding approximately 3,000 engineers in Canada, Europe, Singapore, as well as the U.S., over the next three years," a TikTok spokesman told Reuters. The Fly notes that Oracle (ORCL) and Walmart (WMT) have agreed to take stakes in TikTok Global, a newly created U.S. company that will own most of the app's operations worldwide.
3. STIMULUS BILL: In a letter to Treasury Secretary Steven Mnuchin, House Speaker Nancy Pelosi said that she's awaiting the Trump Administration's responses "promised responses on multiple items of critical importance." She added, "Your responses are critical for our negotiations to continue."
On Friday afternoon, Senate Majority Leader Mitch McConnell said that any new COVID-19 stimulus package should be considered in early 2021, potentially shutting the door on such a bill shortly following the November 3 elections, Reuters' Richard Cowan and David Morgan reported. The senator, who has resisted considering a comprehensive assistance measure being sought by Democrats, added that the Senate "probably" needs to do another package, noting that it would have to be "more modest" than the $3T legislation the House of Representatives passed in mid-May, the authors noted.
"Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.
EOG Resources
+0.26 (+0.77%)
Devon Energy
+0.475 (+5.62%)
Diamondback Energy
+0.42 (+1.64%)
Chevron
+0.66 (+0.96%)
Exxon Mobil
-0.32 (-0.97%)
Halliburton
+0.45 (+3.88%)
ConocoPhillips
-0.54 (-1.85%)
Oracle
+0.03 (+0.05%)
Walmart
-1.17 (-0.84%)