RFK Jr. Nomination Sparks Market Downturn and Public Health Concerns | Pivot

1. KSKara Swisher0:00

   The postelection Trump bump has come to an end with the markets closing lower last Friday and the S&P 500 and NASDAQ seeing their biggest one-day losses in two weeks. The downturn is being attributed in part to President-Elect Donald Trump announcing RFK Jr. as his Health and Human Services Secretary. Shares of major vaccine, uh, drug, uh, and drug makers, including Moderna, Pfizer, and AstraZeneca tumbled in the wake of the news. Uh, what do you think? Shares of Eli Lilly and Novo, uh, Nordisk fell, he's against Ozempic by the way, as processed food stocks, including PepsiCo, Coke, and General mis- Mills. The markets were also reacting to Jerome Powell saying the Fed is in no hurry to make further interest rate cuts. Um, what's your take on this? And the pick in general, he says he wants to make America healthy again. They have to stop with this Make America Whatever Again. Um, W- America was never healthy, let's start with that RFK Jr. um, which I loved eating at McDonald's on the private plane with Trump and Elon Musk. It was (laughs) someone likened it to making the cop take the drugs just to make sure he's not a cop. I-

2. SGScott Galloway1:01

   (laughs) He's not a cop.

3. KSKara Swisher1:02

   I love, what?

4. SGScott Galloway1:03

   Yeah, that was it, making the new guy do drugs-

5. KSKara Swisher1:04

   Uh, yeah.

6. SGScott Galloway1:04

   ... to make sure he's not a cop.

7. KSKara Swisher1:05

   Oh, he looked such in pain. What a fucking asshole. He talks about McDonald's being poison and then he's sitting there with one. What a dumbass that guy is. Anyway, what do you think of this? What do you think of this?

8. SGScott Galloway1:15

   It's like when-

9. KSKara Swisher1:15

   Yeah.

10. SGScott Galloway1:15

    ... you're in Vegas and s- and a pro asks you to show your genitals to make sure you're not a cop. I just heard about this.

11. KSKara Swisher1:20

    Yeah, no, okay.

12. SGScott Galloway1:20

    I wouldn't know firsthand.

13. KSKara Swisher1:21

    I don't either.

14. SGScott Galloway1:21

    But I've heard that happens.

15. KSKara Swisher1:23

    Yeah.

16. SGScott Galloway1:23

    Um, Big Ed and the Twinster. Anyone wants to see Big Ed and the Twins, that's fine with me. The market has been remarkably, right? And I see that As a negative forward-looking indicator, because Moderna-

17. KSKara Swisher1:32

    Mm-hmm.

18. SGScott Galloway1:32

    ... uh, on word that Kennedy would be head of, um, HHS-

19. KSKara Swisher1:37

    Mm-hmm.

20. SGScott Galloway1:38

    ... um, was down 21%.

21. KSKara Swisher1:40

    Yeah.

22. SGScott Galloway1:40

    Yeah, Pfizer down seven. Uh, Eli Lilly, I mean, this is, uh, this is a- a tens if not... tens of billions-

23. KSKara Swisher1:48

    Yeah.

24. SGScott Galloway1:48

    ... if not even maybe over 100 billion in- in market value draw down. Because this guy has a reputation. No, he can't fool anybody.

25. KSKara Swisher1:56

    Mm-hmm.

26. SGScott Galloway1:56

    He is crazy anti-vask- uh, anti-vax.

27. KSKara Swisher1:59

    Mm-hmm.

28. SGScott Galloway2:00

    With the- with the key, you know, the operative term there being crazy. And it's very disappointed because, uh, uh... it's very disappointing because what I would argue is that whenever you have the far left on the far right-

29. KSKara Swisher2:12

    Mm-hmm.

30. SGScott Galloway2:12

    ... come together on something, it's a really bad fucking idea.

Episode duration: 13:53