Stock Market Tanks as Trump Unveils Nightmare Cabinet Picks

Donald Trump’s controversial picks for his upcoming Cabinet have rattled right past the American public and on to damaging Wall Street.

In the wake of Trump’s decision to tap vaccine foe Robert F. Kennedy Jr. to run the Department of Health and Human Services, stocks linked to some of the biggest pharmaceutical companies—including Moderna, Pfizer, and Novavax—plummeted to some of their lowest points of the year.

Novavax and BioNTech dropped by more than 7 percent, with “almost all of the losses coming after news broke of the selection,” reported Forbes. Moderna saw shares close at $39.77, knocking the stock to its lowest point this year. Pfizer, meanwhile, escaped the day with relatively minor losses, with stocks dropping by 2.6 percent to $26.02.

The pharmaceutical industry hedged its bets in the last election cycle, donating considerable sums of money to both parties. But the historically conservative-leaning sector did, ultimately, give more to Republican candidates—with its affiliated PACs handing approximately $1.7 million more to Republicans across the 2024 election, amounting to $8.3 million in total to the conservative party, according to data collected by OpenSecrets.

But that’s not the only impact that Trump’s policies are having on the stock market. Now that the initial rush surrounding Trump’s pro–big business agenda is quieting down, investors are waking up to the staggering costs of some of his plans. For the second day in a row, the S&P 500 dropped, with tech stocks at the forefront of the decline, according to Bloomberg.

“[Trump’s plans] will come at the expense of potentially larger budget deficits, potentially larger debt and there is also the inflation dimension,” Charles-Henry Monchau, chief investment officer at Banque Syz & Co, told the business publication. “There’s been a realization that there is a price to pay for this.”

Trump has floated several tariff ideas—including one impossibly high hike on imported goods of between 200 and 2,000 percent—that experts believe would drastically spike inflation. Businesses across the country have balked at his numbers, arguing that it will be Americans, not foreign countries, who pay the price. Readying themselves for a potential second Trump administration, companies whose business models rely on foreign suppliers, from the auto industry to some of the nation’s most popular clothing lines, are planning to introduce price hikes on their products.

Trump has also proposed a more modest 20–60 plan, in which a potential second Trump administration would impose a 20 percent worldwide tariff alongside a 60 percent tariff on Chinese goods. But even that plan would prove devastating for the economy, according to an analysis by the nonpartisan Tax Policy Center, which found that it would lower household incomes by an average of $3,000 in 2025.

Donald Trump has nominated his attorney D. John Sauer, whom you may remember as the lawyer who argued that the president should be able to kill his political rivals with impunity, to be the country’s next solicitor general.

Earlier this year, Sauer helped Trump win his presidential immunity case before the Supreme Court, which undermined other federal legal battles against Trump, like the time he tried to overturn the government after losing the 2020 election. Now Sauer will oversee all federal lawsuits.

In a statement Thursday, Trump lauded Sauer as the “lead counsel representing me in the Supreme Court in Trump v. United States, winning a Historic Victory on Presidential Immunity, which was key to defeating the unConstitutional campaign of Lawfare against me and the entire MAGA movement.”

While representing Trump, Sauer argued that if the president ordered an assassination on his political enemies, he could not be indicted unless he had first been impeached.

When Justice Sonia Sotomayor drilled him about immunity in the case of assassinating political rivals, he replied, “It would depend on the hypothetical but we can see that would well be an official act.” When she asked if the same rule existed if the president executed people for “personal gain,” Sauer said that immunity still stood.

Ultimately, the court decided that the president had immunity for official acts.

Unlike many of Trump’s other picks, Sauer does have some experience qualifying him for the position. Sauer previously served as the solicitor general of Missouri from 2016 to 2023, under pro-Trump Senators Josh Hawley and Eric Schmitt, both election deniers.

After the 2020 general election, Sauer filed a brief asking the Supreme Court to overturn the results of the presidential election in several swing states over alleged mail-in voting fraud.

Sauer left the Missouri attorney general’s office in 2023 to serve as special assistant attorney general for the Louisiana Department of Justice, where he assisted them in launching a lawsuit against members of the Biden administration, aiming to prevent government officials from contacting social media platforms over First Amendment issues.

Donald Trump’s nominee for secretary of health and human services, Robert F. Kennedy Jr., is drawing opposition from former Vice President Mike Pence over Kennedy’s remarks on abortion. 

In a statement, Pence said Kennedy “would be the most pro-abortion Republican appointed secretary of HHS in modern history.” 

“On behalf of tens of millions of pro-life Americans, I respectfully urge Senate Republicans to reject this nomination and give the American people a leader who will respect the sanctity of life as secretary of Health and Human Services,” Pence’s statement said. 

Trump’s choice of Kennedy has drawn alarm from health care professionals, who see his history of opposing vaccination as a threat to public health. Kennedy has also pledged to root out “corruption” in U.S. health agencies such as the Food and Drug Administration and National Institutes of Health, and has floated the idea of removing fluoride from the nation’s public water supply. 

Kennedy’s views on abortion, though, have drawn criticism not only from anti-abortion stalwarts like Pence but also from abortion rights supporters, who point to Kennedy’s comments earlier this year vaguely supporting limits on abortion “after a certain point.” Pence’s comments suggest there could be opposition to Kennedy from the former vice president’s fellow Christian conservatives in Congress. 

Pence, who served in the House from 2001 to 2013, had a falling out with Trump in 2021 after certifying the 2020 presidential election results despite Trump’s supporters attempting to violently storm the Capitol. The rioters at the time even set up a noose and gallows outside the building while chanting “Hang Mike Pence,” with Trump at the time reportedly thinking that Pence deserved the chants.  

With Trump thinking so little of Pence, it remains to be seen whether the former vice president’s views on Kennedy will carry any weight on Capitol Hill. In the Senate, however, Republicans may see abortion as a more important issue than Trump’s opinion, which might doom Kennedy’s nomination. Kennedy also has other skeletons that could prevent his nomination to a Cabinet position: animal skeletons. 

No one on the right seems to want to criticize Donald Trump’s Cabinet picks—even if they desperately warrant questioning.

Several major conservative politicos have ducked and weaved direct questions about Trump’s decision to tap Robert F. Kennedy Jr.—a virulent opponent of all vaccines—to front the Department of Health and Human Services, or HHS, effectively handing the reins of the nation’s health policies to a renowned conspiracy theorist who doesn’t believe that AIDS is caused by HIV, insists that WiFi causes cancer, and wants to remove fluoride from U.S. drinking water (fluoride was first introduced into public waterways in 1945 and has reduced cavities and tooth decay in adults and children by as much as 25 percent, according to the American Dental Association).

In an interview with CNN’s Jake Tapper on Thursday, Indiana Senator-elect Jim Banks refused to come out on the side of science, backing Trump’s anti-vaccine Cabinet pick by entertaining the notion that a “thoughtful conversation about vaccines” is warranted.

“The scientific and medical community has been clear for years that what he says about vaccines is false. They don’t cause autism, there’s no direct link. Does that bother you at all?” asked Tapper.

“Look Jake, in the election Donald Trump won the popular vote, and one of the things that he promised on the campaign trail is to have a serious and thoughtful conversation about vaccines, especially after the pandemic,” Banks said, criticizing long-standing mandatory vaccine policy.

“Remember, it’s Congress that makes policy and works with the president—President Trump—to carry out his agenda,” Banks added. “I feel very comfortable with RFK Jr. having a significant seat at the table to lead big debates about this.”

Kennedy’s vaccine conspiracies aren’t just hogwash—they’ve caused legitimate, real-world harm. Preceding a deadly measles outbreak on the Pacific islands of Samoa in 2019, Kennedy’s anti-vax nonprofit, Children’s Health Defense, spread rampant misinformation about the efficacy of vaccines, causing the nation’s vaccination rate to plummet from the 60–70 percent range to just 31 percent, according to Mother Jones. That year, the country reported 5,707 cases of measles—an illness that was declared eliminated by the United States in 2000 thanks to advancements in modern medicine (read: vaccines)—as well as 83 measles-related deaths, the majority of which were children under the age of 5.

But at least one former member of Trumpworld has condemned Kennedy—though only because the ardent vaccine foe is too pro-choice.

“For the majority of his career, RFK Jr. has defended abortion on demand during all nine months of pregnancy, supports overturning the Dobbs decision and has called for legislation to codify Roe v Wade,” former Vice President Mike Pence said in a statement obtained by The Dispatch. “If confirmed, RFK, Jr. would be the most pro-abortion Republican appointed secretary of HHS in modern history.”

“On behalf of tens of millions of pro-life Americans, I respectfully urge Senate Republicans to reject this nomination and give the American people a leader who will respect the sanctity of life as secretary of Health and Human Services,” he added.

It should be reiterated that vaccines have proven to be one of the greatest accomplishments of modern medicine. The jabs are so effective at preventing illness that they have practically eradicated some of the worst diseases from our collective culture, from rabies to polio and smallpox, a fact that has possibly fooled some into believing that the viruses and their complications aren’t a significant threat for the average, health-conscious individual.

West Virginia Senator Joe Manchin may be putting his weight behind Democrats’ final push to approve Joe Biden’s pending judicial nominees.

Earlier this year, Manchin had pledged that he would not back any Biden-nominated judge who did not have at least one vote of GOP support. But now it seems Manchin is finally ready to play ball with the rest of the Democrats.

“We’re in different times right now,” Manchin told Axios when asked about his past promise to reject Biden’s nominees. He added that “my Republican friends are under the microscope.”

Manchin previously claimed his objection was in the name of bipartisanship.

“Just one Republican. That’s all I’m asking for,” he said during a March interview with Politico. “Give me something bipartisan. This is my own little filibuster. If they can’t get one Republican, I vote for none. I’ve told [Democrats] that. I said, ‘I’m sick and tired of it, I can’t take it anymore.’”

Manchin has voted against several of Biden’s judicial nominees based on that rule.

Senate Democrats are rushing to confirm Biden’s final nominees for federal judge positions before the party loses the chamber majority and Donald Trump returns to office in January. There are currently 45 judicial vacancies, and the Senate has 20 days left in session.