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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PROXY ADVISORY FIRMS: The White House is considering measures to restrict proxy advisory firms and exploring limits on how index-fund managers are allowed to vote, The Wall Street Journal’s Jack Pitcher and Emily Glazer report. Trump administration officials are discussing at least one executive order that would restrict proxy-advisory firms such as Institutional Shareholder Services and Glass Lewis, people familiar with the matter say, adding that this could include a broad ban on shareholder recommendations or an order blocking recommendations on companies that have engaged proxy advisers for consulting work.
Officials also are exploring limits on how index-fund managers are allowed to vote, seeking to curtail the power of BlackRock (BLK), State Street (STT), and Vanguard, which together own on behalf of clients roughly 30% or more of many of the biggest U.S. publicly traded companies. The proposed measures follow criticism from CEOs including Tesla (TSLA) CEO Elon Musk and JPMorgan (JPM) CEO Jamie Dimon regarding proxy-adviser influence.
GOVERNMENT SHUTDOWN: The House of Representatives will return to session on Wednesday, as lawmakers take up legislation to end the longest government shutdown in American history. The bill, which passed the Senate on Monday, has sizable momentum, and its approval by the House would clear it for President Trump’s signature, The New York Times reports.
DRILLING PLAN: California Governor Gavin Newsom, at the COP30 Summit, told reporters that President Trump’s plan to drill offshore California is “dead on arrival.” Shares of Sable Offshore (SOC) rose after the Washington Post reported that the Trump administration is preparing a proposal to open up offshore oil drilling along California’s coast for the first time in decades.
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