Trump trade stocks extend losses on Thursday Major stocks that are pillars of the so-called Trump trade fell further on Thursday.
Shares of Trump Media and Technology Group
Shares of the incoming president’s social media company have fallen about 16% this week. Forex Mony
Shares of Tesla Inc.
Apple Inc., whose shares surged in the wake of Donald Trump’s election victory last week, fell 4%.
One key component of the Trump trade bucked the trend. The dollar index rose
The U.S. dollar index rose 0.08% and hit its highest level in more than a year earlier on Thursday.
Stocks make biggest midday move
See some of the companies making headlines in midday trading:
Disney
— The media company rose 7% on stronger-than-expected earnings and guidance, helped by growth in its streaming business. The company said it expects high-single-digit adjusted earnings growth in fiscal 2025.
Capri
, Tapestry
— Shares of both luxury apparel companies rose after the companies called off their planned merger, citing regulatory hurdles. Tapestry shares jumped about 13%, while Capri added 2.5%.
Men’s & Women’s Health
— The telehealth stock fell 14% after Amazon revealed Prime members can now access fixed-price treatments for conditions like male pattern hair loss. The offering puts the company in direct competition with Hims & Hers Health.
Materials, healthcare stocks weigh on S&P 500 this week
Standard & Poor’s 500
The benchmark S&P 500 is expected to end the week slightly lower, due in part to declines among materials and healthcare stocks.
The broad index is expected to end the week down about 0.2%. By comparison, the materials and healthcare sectors — the worst performers among the 11 sectors that make up the S&P 500 — are down more than 2%.
AbbVie Inc.
Moderna Inc.
That dragged the healthcare sector down more than 14% and 12%, respectively.
Newmont Inc.
Raw materials prices fell, falling more than 13% and 9%, respectively.
