The Nasdaq took a turn lower on Wednesday as President-elect Donald Trump targeted the biotech and pharmaceutical industry in a press conference.
The Nasdaq slid 0.24%, the S&P 500 was down 0.13%, and the Dow Jones Industrial Average rose 0.05%, though had dipped into negative territory during Trump's press conference.
Biotech stocks sold off shortly after Trump suggested he would bring pharmaceutical production back to the U.S. In his first press conference since July, Trump said pharmaceutical companies have been "getting away with murder." The iShares Nasdaq Biotechnology ETF (IBB) slumped more than 2%, while the SPDR S&P Biotech ETF (XBI) slid 4%.
Lockheed Martin (LMT) also tumbled after Trump reiterated that his presidency would seek to cut costs in the construction of a new Air Force fleet.
Trump repeated a number of his previous talking points, including that he would not release his tax returns as they were under audit and that only the press cared about the issue. Trump also noted that the president cannot have a conflict of interest.
Trump also pointed out the potential that intelligence agencies could have been behind the leak of unverified reports of his links to Russia on Tuesday, despite no evidence. Trump also called the reports "fake news."
Trump's election in November has lit a fire under stocks, particularly the Dow. Since the day after the election in November, the Dow has rocketed more than 8% higher on the hopes of higher construction spending in the U.S. and loosened regulations on Wall Street. The Dow last week came within a point of the 20,000 milestone before backing off.