The post Stocks spiral after Trump admits to ‘period of transition’ in US economy, but Amgen, Verizon outperform appeared on BitcoinEthereumNews.com.

The Dow Jones and the NASDAQ both collapsed at the start of trading on Monday. President Trump’s admission over the weekend that a recession might be in the cards hurts sentiment. Dow Jones member Verizon is climbing despite the overall market correction. Amgen’s weight loss drug is helping it to outperform the broad market.   The NASDAQ opened more than 2% lower on Monday before descending to a 3% loss, a repercussion of United States (US) President Donald Trump admitting in a weekend interview that a recession was possible due to his administration’s major policy disruptions.  The Dow Jones Industrial Average (DJIA) opened close to 1% lower, while the S&P 500 immediately gave up about 1.5%.  In an interview with conservative news outlet Fox News, Trump said that a “period of transition” might befall the US economy as his team seeks to raise tariffs on trading partners and seeks to cut government spending. The interview, which was recorded earlier in the week but broadcast on Sunday, had Trump admitting that a US recession was possible but that it was necessary to “[bring] wealth back to America.” The Atlanta Fed’s GDPNow indicator has been projecting an economic pullback in Q1 over the past week, while a textbook recession requires two consecutive quarters of falling GDP. However, two Dow Jones components are performing well against this backdrop. Pharma heavyweight Amgen (AMGN) is seeing plenty of buying on Monday, while telecom Verizon (VZ) is showing relative strength against the broad market weakness. Amgen stock news and forecast Despite the market sinking like quicksand all around it, Amgen advanced 2.5% on Monday morning. Amgen owes its success to the rising prospects of its MariTide weight loss drug. On March 5, Amgen announced the start of two simultaneous Phase 3 studies for MariTide that will…

---

Filed under: News - @ March 10, 2025 4:20 pm