Trump Event A Yawner – Unless You Own Biotechs

Today’s “main event” turned out to be a bit of a dud.

And I don’t mean that as a jab at Donald Trump.

Rather, I just mean that not much happened. Stocks dipped as Trump spoke, then recovered. The only tickers to take a meaningful hit were IBB (i.e. biotechs) and Lockheed Martin (whose shareholders are, I imagine, fed up with the new president already). Here’s a chart that sums things up:

And here’s a rundown of the headlines via Bloomberg:

• TRUMP: ‘WE’RE GOING TO START BIDDING’ ON DRUGS, SAVE MONEY
• NASDAQ BIOTECH INDEX DROPS TO SESSION LOW ON TRUMP COMMENTS
• LOCKHEED FALLS TO SESSION LOW; TRUMP DISCUSSES PLANE COSTS
• IF PUTIN LIKES DONALD TRUMP, THAT’S ASSET NOT LIABILITY: TRUMP
• TRUMP: NO DEALS IN RUSSIA, NO DEALS THAT COULD HAPPEN THERE
• TRUMP: MEXICO IN SOME FORM WILL REIMBURSE FOR COST OF THE WALL
• USD SHEDS SESSION GAIN AS TRUMP OFFERS FEW DETAILS ON STIMULUS

Or, summed up in one visual…