iShares NASDAQ Biotechnology Index (ETF) (NASDAQ: IBB)
The iShares NASDAQ Biotechnology Index wasn't off to the best of days in the market to begin with today. When the opening bell rang, the ETF was already in the red. From there, we saw some ups and downs, but the stock hasn't been able to break into the green all day. Then, just minutes ago, Trump took center stage, causing it to fall further. Below, we'll talk about what we're seeing from IBB, why, and what we'll be watching for ahead.
What We're Seeing From IBB
As mentioned above, the iShares NASDAQ Biotechnology Index is having a horrible day in the market today. Early on, things didn't look great, but they weren't so bad either. At the opening bell, the ETF was trading slightly in the red. From there, we saw a struggle between the bears and the bulls as it worked to make it to the green. Unfortunately however, that battle was won by the bears minutes ago as the ETF started spiking dramatically in the downward direction. Currently (11:25), IBB is trading at $278.49 after a loss of $8.01, or 2.79%.
Why The ETF Is Down
As usual, our partners at Trade Ideas were the first to notify us of the downward spike on IBB. As soon as they did, the CNA Finance team went to work to figure out what was causing the movement. In this case, it didn't take long to dig up the story. It seems as though the ETF is falling as a result of comments by Donald Trump.
Minutes ago, Trump took center stage to speak to the American people. One of the first topics of discussion was the pharmaceuticals industry. In his statements, he said that big pharma was “getting away with murder.” In particular, Trump is talking on the pricing side of things; we know, of course, the industry has been dealing with backlash in that area for some time. As a result, the iShares NASDAQ Biotech Index is taking a dive.
What We'll be Watching For Ahead
Moving forward, the CNA Finance team will be watching IBB incredibly closely. In particular, we're interested in Trump's early moves as President of the United States and how those moves will affect the pharma sector as a whole. We'll watch the story closely and bring the news to you as it breaks!
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