Shares of Vaccine and Packaged Food Companies Drop Amid Robert F. Kennedy Jr.'s Confirmation Hearing
Shares of major vaccine manufacturers and packaged food corporations declined significantly on Tuesday following a favorable vote by a Senate panel for Robert F. Kennedy Jr.'s nomination as U.S. Health Secretary.
Kennedy's confirmation hearing garnered significant attention due to his previous skepticism regarding vaccine safety and efficacy. Despite his denial of being anti-vaccine, Kennedy's appointment raised concerns among health organizations and Democratic senators.
His statements during his presidential campaign, where he advocated for "Making America Healthy Again," also drew criticism. Kennedy highlighted the potential health risks associated with additives, chemicals, and sugar used in processed foods and beverages.
The decline in share prices impacted major players in the vaccine industry. Pfizer witnessed a 1.8% drop, while BioNTech, its COVID-19 vaccine partner, faced a 2% decline. Moderna and Novavax also experienced losses of 1.8% and 2.3%, respectively.
Packaged food companies were similarly affected. Hershey, Mondelez, Kraft Heinz, and General Mills all reported a 2% decline in their share prices.
The full Senate is expected to vote on Kennedy's confirmation as early as this week, further fueling uncertainty and potential market fluctuations.