Week in review: How Trump's policies moved stocks - InvestingChannel

Week in review: How Trump’s policies moved stocks

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Trump and his administration with this weekly recap compiled by The Fly: 1. AUTO SECTOR: Early this week, General Motors (GM) CEO Mary Barra and Ford (F) global operations chief Joe Hinrichs met with Vice President Mike Pence to discuss concerns regarding possible changes to the North American Free Trade Agreement that could impede the industry’s supply chains, according to The Wall Street Journal. The meeting, which Fiat Chrysler (FCAU) CEO Sergio Marchionne was also expected to attend, focused on proposals from Trump which would require that cars have 50% U.S. content to qualify for duty-free imports into the country, which industry officials say will increase vehicle costs for U.S. consumers. 2. STUDENT LOANS PROGRAM: On Wednesday, the Trump Administration met with some of the country’s largest finance and tech companies to request help in managing the government’s $1.3T student loan program, according to The Wall Street Journal, citing A. Wayne Johnson, Education Department COO of federal student aid. The government, which has met with Goldman Sachs (GS), JPMorgan (JPM), Visa (V), American Express (AXP), and Amazon (AMZN), is looking to overhaul the portfolio as its current contracts with student-loan servicers expire in 2019 and it aims to request bids early next year amid dissatisfaction with the current service. 3. COMCAST: After NBC News (CMCSA; CMCSK) announced that it had terminated Matt Lauer for inappropriate sexual behavior, President Donald Trump tweeted, “Wow, Matt Lauer was just fired from NBC for ‘inappropriate sexual behavior in the workplace.’ But when will the top executives at NBC & Comcast be fired for putting out so much Fake News. Check out Andy Lack’s past!” 4. POLYMET MINING: On Wednesday, PolyMet Mining (PLM) announced that House Resolution 3115, the Superior National Forest Land Exchange Act of 2017, passed the U.S. House of Representatives on a bipartisan 309 to 99 vote and will advance to the Senate. The Forest Service authorized an administrative land exchange for the PolyMet Mining NorthMet Project in its Final Record of Decision January 9, 2017. The bipartisan bill directs the secretary of agriculture to move forward with the land exchange between PolyMet and the U.S. Forest Service. In passing the legislation, the House ratifies the Forest Service’s determination that the land exchange is in the best public interest. The bill calls for the exchange to be completed within 90 days of its enactment. 5. TAX REFORM: On Saturday morning and following a marathon voting session overnight, the Senate narrowly passed the Republican’s tax reform legislation, with no democratic support. According to CBS News, the bill was approved just before 2 am in a 51-49 vote, and will head to conference, where House and Senate negotiators will work out the differences in their bills. Senator Bob Corker was the only republican to vote on the measure, after Senator John McCain released a statement in support of the Senate tax reform bill earlier this week. The vote had been scheduled for Thursday, but Senate Republicans delayed it after hitting a deficit obstacle as GOP leaders worked on revising the bill. 6. RUSSIAN PROBE: On Friday, President Trump’s former national security adviser Michael Flynn pleaded guilty to lying to the FBI about conversations with the Russian ambassador last December. Correcting an earlier statement claiming that Michael Flynn was prepared to testify that he was instructed by then-“candidate” Donald Trump to contact Russian officials during the campaign, ABC news said that its unnamed source “clarified” the information provided for the original story, saying it was during the post-election transition period that the president-elect Trump asked to reach out to Russia regarding “working jointly against ISIS” and to “repair relations.” “Week in Review” is The Fly’s weekly recap of its recurring series of “Trump Effect” exclusive stories.