U.S. drugmaker stocks drop sharply after RFK Jr. nominated to lead health department

U.S. drugmaker stocks fell sharply after Robert F. Kennedy Jr. was nominated by Donald Trump to lead the Department of Health and Human Services. His controversial views on vaccines and plans for the FDA have raised concerns among investors. The SPDR S&P Biotech ETF dropped over four percent, with vaccine manufacturers like Moderna and Pfizer seeing significant declines. European pharmaceutical companies also experienced losses, with BioNtech's stock falling over 10 percent. Analysts noted that Kennedy's nomination creates uncertainty for the biotechnology sector, potentially impacting vaccine efforts and regulatory oversight. Shares in food and beverage companies also declined amid his criticism of ultra-processed foods.