>> Uncertainty breeding volatility on Wall Street. Stocks opening Wednesday by dropping. But then quickly reversing course, moving higher. And then quickly reversing course by moving lower. As investors try to figure out what's next after the surprise Trump win for the White House. I'm Conway Gibbs in New York.
Stocks are vacillating. But so far, appear to be avoiding the calamity seen after the surprise Brexit vote. But that does not tell the whole story of the market. Stocks in Mexico are down 3%. And there is still some uncertainty out there about Trump's plans regarding immigration and taxes.
And of course, his threats to rip up any trade agreements. We're seeing stocks of companies that do business in Mexico in which Trump had talked negatively about. Like General Motors, Ford, and United technology, all move lower. We've seen big multinationals. They do business around the world. We're seeing those stocks move lower, as well.
Proctor and Gamble and Coca Cola. Two of those moving to the downside. But on the flip side, Caterpillar and Boeing are moving higher. Which might be a bit of a surprise. Given that if there's this thought or threat of a trade war. You would think that those two companies would be impacted negatively.
Health and hospital stocks are getting slammed. Of course, Trump has vowed to replace and repeal Obamacare. We're seeing hospital operators like Tenet Healthcare down 25%. HCA is down 15%. But on the flip side, we have drug stocks. They seemed to be favoring quite well. Or the thought is that they will favor well in a Trump administration.
Shares of Pfizer are up 10%. There is some uncertainty still about what this all means for the Federal Reserve. Of course, Donald Trump has come out and said that he thinks that the Federal Reserve was playing politics by keeping interest rates low to favor the Democrats. The Fed is set to hold a meeting in December.
And there are some who fear that if there is too much market volatility. That the Federal Reserve will decide to hold rates steady. But then what does that mean for the Fed, longer term? Will they feel the political pressure to raise rates and scrap their plans to keep rates low for longer?
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