Novavax and BioNTech fell more than seven percent, with “nearly all of the losses occurring after the selection announcement,” reported Forbes. Moderna saw its shares close at $39.77, taking the stock to its lowest level this year. Pfizer, meanwhile, came out of the day with relatively minor losses, with shares down 2.6% to $26.02.

The pharmaceutical industry hedged its bets during the last election cycle, donating considerable sums to both parties. But the historically conservative sector ultimately gave more to Republican candidates: Its affiliated PACs gave about $1.7 million more to Republicans in the 2024 elections, making the party’s total $8.3 million. conservative, according to data collected by Open Secrets.

But that’s not the only impact Trump’s policies are having on the stock market. Now that the initial rush over Trump’s pro-big business agenda has died down, investors are waking up to the staggering costs of some of his projects. For the second day in a row, the S&P 500 fell, with technology stocks leading the decline, according to Bloomberg.