Pharmaceutical stocks drop after Trump nominates Robert F. Kennedy Jr. as health secretary

Shares of major pharmaceutical companies fell sharply after President-elect Donald Trump nominated Robert F. Kennedy Jr. as secretary of the Department of Health and Human Services. Investors are concerned about Kennedy Jr.'s history as a vaccine skeptic. Moderna's stock dropped over 5% following the announcement, with further declines in premarket trading. Pfizer, Eli Lilly, and Novavax also experienced significant stock price decreases amid fears that Kennedy Jr. could influence vaccine policies negatively. On the same day, the CDC reported a 20% increase in global measles cases in 2023, highlighting ongoing public health challenges. The rise in cases raises concerns about vaccine skepticism, which could further impact vaccination rates.