Trump tweet about drug industry hurts pharma stocks

Trump tweet about drug industry hurts pharma stocks
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Pharmaceutical stocks declined for a time on Tuesday, after President TrumpDonald TrumpFranklin Graham says Trump comeback would 'be a very tough thing to do' Man suspected in wife's disappearance accused of casting her ballot for Trump Stefanik: Cheney is 'looking backwards' MORE tweeted that he's working on a system for drug industry competition, Reuters reported.

The S&P 500 healthcare index decreased by .54 percent late Tuesday morning, according to the news outlet. Johnson & Johnson was hit the hardest on the Dow Jones Industrial Average and the S&P 500. Agmen was hit the hardest on the Nasdaq, Reuters noted.


Trump earlier Tuesday said he was working on a system to bring drug prices down for the American people.

“I am working on a new system where there will be competition in the Drug Industry. Pricing for the American people will come way down!” the president wrote on Twitter.



The drop in pharmaceutical stocks was offset by an increase in technology stocks, Reuters said.

Trump has previously sent tweets that have affected stock prices. After criticizing Boeing in December for the cost of its Air Force One plane, the company’s stocks took a hit.