Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly:
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CRYPTO BILLS: The future of a trio of crypto regulation bills was thrown into question Wednesday after a second day of opposition from conservative House Republicans held up the legislation for 10 hours before it finally moved forward, CNBC’s Erin Doherty reports. Late Wednesday night, a group of ‘no’ votes flipped to yesses, and the chamber finally approved the rules of debate for the crypto bills and an adjacent Pentagon appropriations package. Wednesday’s marathon vote set the record for the longest open vote in modern House history, a record that had been set earlier in the month, the author notes. Publicly traded companies in the space include Bit Digital (BTBT), Bitfarms (BITF), Coinbase (COIN), Core Scientific (CORZ), Greenidge Generation (GREE), Mara Holdings (MARA), Riot Platforms (RIOT), Strategy (MSTR), Stronghold Digital Mining (SDIG) and TeraWulf (WULF).
REAL SUGAR: President Trump said via Truth Social, “I have been speaking to Coca-Cola about using REAL Cane Sugar in Coke in the United States, and they have agreed to do so. I’d like to thank all of those in authority at Coca-Cola. This will be a very good move by them – You’ll see. It’s just better!”
Corn Refiners Association CEO John Bode released a statement following President Trump’s comment on social media that Coca-Cola (KO) will start using cane sugar in the U.S.: “Replacing high fructose corn syrup with cane sugar doesn’t make sense. President Trump stands for American manufacturing jobs, American farmers, and reducing the trade deficit. Replacing high fructose corn syrup with cane sugar would cost thousands of American food manufacturing jobs, depress farm income, and boost imports of foreign sugar, all with no nutritional benefit.” Shares of Archer Daniels (ADM) were under pressure on Thursday.
FED CHAIR: President Donald Trump will likely dismiss Federal Reserve Chair Jerome Powell soon, a White House official said, Bloomberg’s Josh Wingrove reported on Wednesday. The president, who discussed the possible move in a meeting with congressional Republicans on Tuesday night, has repeatedly expressed frustration over the central bank’s decision to hold interest rates steady, and administration officials have confirmed in recent days that the process to select a successor to Powell is underway. Powell’s term as chair isn’t set to expire until May 2026.
Meanwhile, Trump has said he is not planning to fire the Fed chair and that he talked about “concept” of firing Powell.
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