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Donald Trump appears to experience the world through the glow of a television screen. He has long placed a premium on those who look the part in front of the camera. Paging Dr. Mehmet Oz.

Trump has picked Oz to lead the Centers for Medicare and Medicaid Services. CMS, as the agency is known, falls under the Department of Health and Human Services (HHS). Last week, Trump nominated Robert F. Kennedy Jr. to serve as HHS secretary. As you may have guessed, Kennedy and Oz are not only friends but kindred spirits. Oz is a global adviser at iHerb, a for-profit company that offers “Earth’s best-curated selection of health and wellness products at the best possible value.” He and Kennedy, two relative outsiders, are now positioned to enjoy a symbiotic relationship within Trump’s chaotic ecosystem.

Oz was last seen running for a Pennsylvania Senate seat in 2022. He lost to John Fetterman, who, despite dealing with the aftereffects of a stroke, carried the state by five points. Throughout that race, Oz struggled to combat the perception that he was a charlatan and carpetbagger who primarily lived in New Jersey. (Fetterman’s team repeatedly tagged Oz as an out-of-touch elitist, trolling him, for example, when he went grocery shopping for crudités and lamented high prices.) After that electoral defeat, Oz’s political dreams seemed all but dashed. But he wisely remained loyal to Trump—a person who has the ability to change trajectories on a whim.

In the pre-Trump era, it might have been a stretch to describe CMS administrator as an overtly political position. But Oz’s objective under Trump couldn’t be clearer. In a statement, Trump, using his reliably perplexing capitalization, telegraphed that Oz will bring a certain ethos to the job—a little MAGA, a little MAHA. Oz, Trump promised, will “cut waste and fraud within our Country’s most expensive Government Agency, which is a third of our Nation’s Healthcare spend, and a quarter of our entire National Budget.” And, because he’s Trump, he mentioned Oz’s nine daytime Emmy Awards.

Some 150 million Americans currently rely on the agency’s insurance programs, including Medicaid, Medicare, and Obamacare. Oz has been a proponent of Medicare Advantage for All. Though that sounds like the Medicare for All initiative championed by progressives such as Senator Bernie Sanders, the two programs are quite different. At its core, Medicare for All would set the U.S. on a path toward nationalizing health care. Trump would never go for that. But Medicare Advantage already exists within America’s patchwork private/public system, and Oz might push to strengthen it. He could also face budgetary pressure to weaken it. Oz’s own health-care views haven’t remained consistent. Though he once praised the mandatory universal models of Germany and Switzerland, as a Republican politician he threw his support behind privatized Medicare.

When asked about Oz’s nomination, Fetterman, his former opponent, told CNN: “As long as he’s willing to protect and preserve Medicaid and Medicare, I’m voting for the dude.” Some people were pissed. Victoria Perrone, who served as the director of operations on Fetterman’s Senate campaign, called out her old boss on social media: “Dr. Oz broke his pledge to ‘do no harm’ when he said red onions prevent ovarian cancer. My sis died of OC in 6/2022. This is a huge personal betrayal to me. We know he won’t protect the Medicaid that paid for her treatments,” Perrone posted on X. “I feel like I’ve been duped and 2 years of working on your campaign was a waste,” she added.

The above argument is illustrative of another reality Trump acknowledged in announcing his pick: “Make America Healthy Again” keeps growing. Oz, Trump declared, “will work closely with Robert F. Kennedy Jr. to take on the illness industrial complex, and all the horrible chronic diseases left in its wake.” He went a step further, promising that Oz will bring “a strong voice to the key pillars of the MAHA Movement.” Oz holds degrees from Harvard and Penn, and he worked as a professor of surgery at Columbia. In spite of that pedigree, Oz has spent years facing credible accusations of medical quackery for his endorsement of dietary supplements. In 2014, he received a dramatic dressing-down on Capitol Hill. Senator Claire McCaskill read three statements that Oz had made on his eponymous show:

“You may think magic is make-believe, but this little bean has scientists saying they’ve found the magic weight-loss cure for every body type: It’s green coffee extract.”

“I’ve got the No. 1 miracle in a bottle to burn your fat: It’s raspberry ketone.”

“Garcinia cambogia: It may be the simple solution you’ve been looking for to bust your body fat for good.”

Oz’s defense that day was that his job was to be a “cheerleader” for the Dr. Oz audience. “I actually do personally believe in the items I talk about in the show. I passionately study them. I recognize oftentimes they don’t have the scientific muster to present as fact, but nevertheless, I would give my audience the advice I give my family,” he testified.

He emerged from that hearing largely unscathed. Two years later, Oz would go on to read what he claimed were Trump’s medical records on that same show. He famously praised Trump’s testosterone levels and supposed all-around health. Four years after that, once Trump was president, Oz sent emails to White House officials, including Trump’s son-in-law Jared Kushner, pushing them to rush patient trials for hydroxychloroquine, an unproven treatment for COVID.

In the next Trump administration, those are the sorts of exchanges Oz could be having with Kennedy—or with Trump himself. How did we get here? Oz landed this gig because he’s good on TV, yes, but also because, when he entered the political arena, he fully aligned himself with Trump. The 47th president rewards loyalty. If there’s one thing that’s become clear from his administration nominations so far, it’s that.

Some of Trump’s appointments will be less consequential than others. Anything involving the health and well-being of tens of millions of Americans is inarguably serious. Oz’s confirmation is not guaranteed, but his selection has already confirmed that nothing about Trump 2.0 is mere bluster.

Related:

Trump is coming for Obamacare again. (From January) Why is Dr. Oz so bad at Twitter? (From 2022)

Here are three new stories from The Atlantic:

Another theory of the Trump movement What the men of the internet are trying to prove Arash Azizi: The problem with boycotting Israel

Today’s News

Republican members of the House Ethics Committee blocked the release of the investigation into the sexual-misconduct and drug-use allegations against former Representative Matt Gaetz. Jose Ibarra, who was found guilty of killing Laken Riley on the University of Georgia campus, was sentenced to life in prison without possibility of parole. Trump tapped former WWE CEO Linda McMahon, who previously led the U.S. Small Business Administration during Trump’s first term, to be the secretary of education.

Dispatches

The Weekly Planet: Drought is an immigration issue, and Trump’s climate policies are designed to ignore that, Zoë Schlanger writes.

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Evening Read

Video by Joanne Imperio / The Atlantic. Sources: Archive Films / Getty; Internet Archive; Prelinger Associates / Getty.

Put Down the Vacuum

By Annie Lowrey

The other night, a friend came over. A dear friend. A friend who has helped me out when I’ve been sick, and who brought over takeout when I had just given birth. Still, before he arrived, I vacuumed.

I thought about this while reading the Gender Equity Policy Institute’s recent report on gender and domestic labor. The study finds that mothers spend twice as much time as fathers “on the essential and unpaid work” of taking care of kids and the home, and that women spend more time on this than men, regardless of parental and relationship status. “Simply being a woman” is the instrumental variable, the study concludes.

Read the full article.

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Stephanie Bai contributed to this newsletter.

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Robert F. Kennedy Jr.’s movement has repeatedly been written off as a farce, a stunt, a distraction. Now Donald Trump has nominated him to lead the Department of Health and Human Services, where, if confirmed, he’ll oversee a life-and-death corner of the federal government.

RFK Jr.’s operation had been building toward this moment for months. On August 23, Kennedy suspended his independent presidential bid and endorsed Trump after what he described as “a series of long, intense discussions” that proved the two were ideologically aligned. Almost immediately, the “Make America Healthy Again” (MAHA) movement was born, as was a super PAC of the same name.

The group’s near-term goal was simple: persuade Kennedy’s coalition to vote for Trump. His former national field director, Jeff Hutt, became one of the MAHA PAC’s leaders, and throughout the fall, in his phone calls and meetings with Kennedy supporters, he kept hearing the same message: If RFK Jr. couldn’t become president, he should zero in on health reforms.

[John Hendrickson: The first MAGA Democrat]

“HHS is the place where they wanted Mr. Kennedy to be,” Hutt told me last night. He fully expects Kennedy to be confirmed. Hutt and his team have set up a “war room” and are identifying which senators will support the HHS nomination, and which will need coaxing. Either through standard procedure or via a recess appointment (an idea Trump has teased), Hutt said he was confident that Kennedy will land the job.

Kennedy was offered such a significant position—and will have such a “big rein,” as Hutt put it—because Trump returns favors. In 2016, Trump courted Christian voters by dangling the prospect of appointing conservative judges who would overturn Roe v. Wade. This year, Trump spent the final months of the election wooing the MAHA bros. How many Kennedy supporters actually voted for Trump is unclear, but Hutt and others I spoke with believe that Trump’s victory is partially on account of the RFK Jr. brigade showing up. “He got behind them, and he got elected,” Hutt said of Trump.

Kennedy’s acolytes are elated that he will have such a prominent position in the administration. In my conversations with former Kennedy volunteers and others in his orbit this week, I heard some skepticism as to whether he’ll actually be able to accomplish a revolution inside a sprawling government bureaucracy. But for now, Kennedy’s champions are hopeful that he’ll catalyze policy changes that would lead to a “healthier” society—even if they don’t all agree on what that means.

In late September, at a festival of “free thinkers” in Washington, D.C., where RFK Jr. was the star attraction, Mike Patton, a former campaign volunteer who lives in Florida, told me he was unsure about whether he could bring himself to vote for Trump after all the work he’d done for Kennedy.

This week, Patton told me that, in the end, he and his wife each wrote in Kennedy’s name on their ballot. He is happy that Kennedy is ascending to a place of power, and excited that Trump has promised to give Kennedy authority over health matters, but he’s dismayed that Trump apparently wants to keep him away from areas involving fossil fuels and renewable energy. Patton isn’t sure what Kennedy might be able to accomplish within Trump’s administration. The idea of fighting all manner of chronic diseases with cleaner food and water is a pillar of the MAHA movement. But this will be an uphill battle. “Even when he was campaigning, he was saying he was going to make a drastic reduction in chronic disease in his four years, and I can’t wrap my head around how you can make a measurable difference [that quickly],” Patton told me. “But he seems confident, and Bobby seemed confident before. So, pop some popcorn.”

Another Kennedy supporter, Jennifer Swayne, who served as his campaign’s Florida volunteer coordinator, told me she somewhat reluctantly voted for Trump. Swayne is the mother of a child with autism, and she believes that mothers like herself are searching for answers—that’s partly what drew her to Kennedy. “We want to know what's causing this,” she said of autism. “We want to prevent other moms from having to go through this.” She said she would define success for Kennedy’s HHS tenure as removing “dangerous products off the market” and holding drug manufacturers accountable for adverse effects and chemical dependency.

[Yasmin Tayag: ‘Make America healthy again’ sounds good until you start asking questions]

When I asked Hutt how he’d gauge Kennedy’s success, he had a range of ideas. “The amount of money flowing through government into corporations would be dramatically reduced. Government would be out of a lot of things, like health care. We would take the middleman out of a lot of things. We would have government agencies whose sole purpose is to publish and report facts and numbers in ways that educate the American people, not to convince them one way or the other of something,” he said. He envisioned Kennedy ushering in an era of more family farms, of citizens gardening and growing their own food. “I guess that's really what it looks like: sort of a health revolution, in a sense,” he said. “Nobody’s ever asked me that question before.”

In announcing the nomination, Trump echoed Kennedy’s core campaign messaging: “Americans have been crushed by the industrial food complex and drug companies who have engaged in deception, misinformation, and disinformation when it comes to Public Health.” Kevin Roberts, the president of the Heritage Foundation and one of the key people behind Project 2025, said in a statement that Kennedy’s nomination “sends a clear message to our failed public health establishment,” and that under Trump and Kennedy, “Americans will be in control of their health, not the commissars of three-letter health agencies.”

Many questions surround the HHS nomination, none more significant than whether Kennedy would use his authority to block or recall certain vaccines. Kennedy has spent years sowing doubt about their safety. In the early 2000s, he helped popularize the unproven theory of a link between vaccines and autism. More recently, he was an influential opponent of the COVID vaccines and accompanying mandates. Now he’s poised to inform drug policy at the highest level.

Kennedy’s spokesperson did not respond to my request for comment last night as to whether, as HHS secretary, RFK Jr. would move to outlaw any existing vaccines, and referred me to his victory-lap post on X, which did not mention the topic. Tony Lyons, who founded a different Kennedy super PAC, American Values 2024, said in a text message: “Bobby has said very clearly that he’s not going to take away anyone’s vaccines.” If, hypothetically, we faced another pandemic during Trump’s second term, I asked Lyons, would Kennedy stand in the way of a vaccine-development project such as Operation Warp Speed? Lyons didn’t offer a clear answer. “[Kennedy] believes in robust, transparent and independent science, rather than corporate science propped up by censorship and propaganda,” he wrote.

In my conversations with Kennedy’s supporters, I heard a lot about “medical freedom” and “personal choice,” but no one mentioned the word ban. Kennedy stiff-arms the “anti-vax” label, and his allies steadfastly maintain that he’ll use his position to scrutinize vaccine science—but not to institute a vaccine moratorium for the greater population.

[Benjamin Mazer: The sanewashing of RFK Jr.]

Perhaps the clearest way to understand Kennedy’s HHS aim is to listen to his musings on “corporate capture”: the idea that government agencies are overly influenced by the companies within the industries they’re supposed to be regulating. This is a long-standing liberal complaint, which Kennedy has built up to the status of a conspiracy theory. (Anthony Fauci, for instance, has not personally profited off of vaccines, as Kennedy has claimed.) His top-line goal is to sever the relationships between corporations and the federal government, but he has yet to explicitly state how he’ll do that. Reforming fast food may be his biggest source of tension with Trump. The future 47th president didn’t just serve fries at a (closed) McDonald’s as a campaign stunt; he seems to genuinely love Mickey D’s, while Kennedy sees it as a scourge—the antithesis of MAHA. But that’s just one company. Hutt conceded that his team faces a challenge in persuading senators from agricultural-heavy states to support the sort of reforms Kennedy is promising: fewer food chemicals, an emphasis on regenerative soil.

And some of what Kennedy speaks of accomplishing is well beyond his reach. For instance, he has called for removing fluoride from our drinking water—something even Republican dentists oppose. But such a change could occur only at the local level, not the federal level. In New York City, for example, Mayor Eric Adams has said he will follow the fluoridation recommendations of city and state health departments.

As Trump prepares to take office again, Kennedy remains a confounding presence: He’s a dreamer, but he’s destructive. Kennedy was never going to win the White House, but he’s now, at last, on his way to Washington. And we all have to live with it.

Americans don’t typically have a reason to think about the fluoride in their water, but this is not a typical week. Robert F. Kennedy Jr., the former independent presidential candidate whom Donald Trump is eyeing as his health czar, has vowed to remove the mineral from drinking water if he is appointed to the next administration. Kennedy has said that the chemical lowers children’s IQ, even though studies overwhelmingly show that it is safe. Trump apparently agrees, and in his victory speech on Wednesday, he told Kennedy to “go have a good time” working on public health.

The prospect of giving Kennedy any semblance of power over the nation’s health is alarming, and not only because of his preoccupation with fluoride. (And to be fair, many scientists have made serious and nuanced inquiries about fluoride.) Kennedy, an environmental lawyer with no background in health, is best known for his skepticism, if not outright antagonism, toward vaccines. He also has a long track record of championing other pseudoscientific and conspiratorial views, such as the baseless belief that antidepressants are responsible for mass shootings.

When I looked up his full “Make America Healthy Again” platform, I expected to see wacky conspiracies. Instead, its goals could have been pulled from any liberal public-health campaign. MAHA’s key ambitions include addressing the root causes of chronic disease, improving the food supply through regenerative agriculture, preserving natural habitats, eliminating corporate influence from government health agencies, and removing toxins from the environment. The campaign acknowledges the need for systemic interventions such as increasing access to nutritious food and prioritizing preventative health care, initiatives touted by Democrats such as Michelle Obama.

MAHA represents a mix of concerns from across the political spectrum. “The issues he’s bringing up when it comes to health and food are more recognizably left,” Rachel Meade, a political scientist at Boston University who has studied Kennedy’s politics, told me. Blaming our health problems on corporations is also a move from the left’s playbook, Meade said. Indeed, Bernie Sanders has spent the past year railing against Ozempic’s manufacturer for making the drug so expensive. Assessed only by its goals and not its remedies, MAHA makes a lot of sense. That’s also what makes it dangerous.

Everyone can agree that “removing toxins from the environment,” one of MAHA’s stated goals, is a good idea. But not everyone agrees on what a toxin is. Fluoride is one, from Kennedy’s perspective. MAHA rightly points out that America’s “poor diet” must be addressed. But what counts as a good diet? To Kennedy, it might include raw milk, which poses serious health risks. Addressing “inadequate healthcare” is crucial, of course—but to Kennedy, that could entail treating COVID with ivermectin and hydroxychloroquine, alternative remedies that have been proven not to work.

RFK Jr.’s goals aren’t the only part of his platform that may appeal to more than conspiracy-addled Trump supporters. His overarching diagnosis of the nation’s health problems is that Americans are being misled by bad science and the institutions that support it. “Once Americans are getting good science and allowed to make their own choices, they’re going to get a lot healthier,” he said in an interview with NBC on Wednesday. This notion—that people should do their own research and take their health into their own hands—resonates widely. The belief that scientific institutions aren’t working spans the political spectrum, bringing together subcultures including anti-vaxxers, seed-oil truthers, carnivore-diet enthusiasts, and wellness influencers.

Kennedy himself is politically slippery. He was a Democrat until 2023, when he campaigned for president as an independent before dropping out and endorsing Trump. His anti-vaccine beliefs are historically associated with crunchy liberals, and his environmental views align with the left. But he fits in easily among Republicans, too. Many on the right adopted anti-vaccine views during COVID. More pertinently, his anti-establishment attitude toward health fits neatly in Trump’s us-versus-them narrative. Kennedy, like Trump, thinks of himself as a populist; he frames public-health issues in terms of corrupt institutions duping everyday people, regardless of their party. The bipartisan alliance formed around opposition to mainstream public health has created a strange new faction that counts Kennedy among its figureheads. One way to think of it, as my colleague Elaine Godfrey has written, is “woo-woo meets MAGA.”

MAHA appeals to this group—and could perhaps expand it. “Anti-establishment populism that has aspects of both left and right is a prominent narrative in alternative media spaces,” Meade said. Kennedy’s skepticism about health resonates among followers of influencers such as Russell Brand and Joe Rogan, who frequently entertain health-related conspiracies; Kennedy himself has been on their podcasts. Like Kennedy, many of them are disaffected former Democrats whose politics can be hard to pin down: Although Rogan endorsed Trump, he has called himself a “bleeding-heart liberal.”

It’s still possible that Kennedy might not get a prominent job in the Trump administration. His wariness of corporations doesn’t jibe with Trump’s embrace of them, and Trump has already made clear that environmental concerns won’t be a priority: “Bobby, stay away from the liquid gold,” he said in his victory speech, referring to oil. Kennedy’s history of bizarre behavior—including dumping a bear corpse in Central Park—may give some in Trump’s inner circle pause.

Even if Kennedy never joins the Trump administration, his ideas will continue to have broad appeal. America has seen what happens when people lose trust in public-health institutions. Pandemics drag on because people are afraid to get vaccinated. Measles outbreaks return to schools. People drink bleach. And maybe soon, Americans will no longer be drinking fluoridated water.

Donald Trump is a crypto bro who’s going to cut taxes and regulations, loves big banks and corporate mergers, doesn’t care about deficits, loves oil and hates wind and solar, and might actually let RFK Jr. do some kooky health stuff. That, roughly speaking, is the picture of Trump that you get when you look at how markets reacted this week to his reelection as president of the United States. In other words, the markets are saying that he’s pretty much who many of us thought he was.

The immediately obvious conclusion to draw from the fact that the stock market spiked on news of Trump’s win—with all three major indexes hitting record highs—is that traders think he’s going to be very good for business. But traders were not simply buying stocks across the board; they were pouring money into assets they think will benefit from the next Trump presidency, while punishing those they think will be hurt by it.

The sheer number of sectors—and individual stocks—that traders seem to believe will be affected by Trump winning is striking. It reflects Trump’s stated intention and willingness to use executive power in an unfettered way. So what we’re seeing is the traders scrambling to try to read Trump’s mind—because they need to figure out how his whims might shape the fate of multibillion-dollar companies.

[Read: The strategist who predicted Trump’s multiracial coalition]

Some version of this market response happens after every election: Government policy has a big impact on business outcomes, and traders’ job is to anticipate that impact on their holdings. It’s also worth remembering that the stock market rose sharply in 2020 after Joe Biden’s victory looked assured, so some of this week’s rise is probably the result of traders’ relief that we’re not headed for months of legal challenges and conflict over who won. But going by what he has said over the course of the campaign, Trump has very ambitious plans.

Most starkly, he has promised to impose across-the-board tariffs on almost all imported goods, and 60 percent tariffs on Chinese imported goods in particular, and to deport millions of undocumented immigrants. Much of this Trump can direct on his own account, without seeking congressional approval.

The stock market is therefore working overtime to parse his various campaign promises: which it should take seriously and which it can ignore. For instance, one promise that traders seem to be comfortable ignoring is Trump’s vow to let Elon Musk slash trillions of dollars in federal spending. (Musk has claimed, improbably, that he can cut “at least $2 trillion,” mainly by getting rid of government waste.) If traders actually believed that was going to happen, the market would have sold off steeply, because government budget cuts of such magnitude would send the economy into a deep recession.

Instead, the market believes Trump is going to do the opposite: Far from embracing austerity, Trump is likely to cut taxes and increase spending, pouring more money into the economy. That would increase the risk of inflation—ironically, given the fact that Trump won in large part because voters were angry with Biden and Kamala Harris over high prices—which is why, on the first day of trading after Trump’s election, interest rates on 30-year Treasury bonds rose by their biggest margin in more than two years. This is because, when the risk of inflation rises, bond investors demand higher interest rates to protect their position.

The real market action, though, was among individual assets, and the most obvious winners were companies in sectors that Trump plans to deregulate. Share prices in oil drillers and allied service companies, for instance, soared on the expectation that Trump will be a “Drill, baby, drill” president. The value of cryptocurrency assets and stocks likewise shot up, because Trump is expected to replace the current Securities Exchange Commission chair, Gary Gensler, with someone far more tolerant of crypto than Gensler has been, and because Trump’s general attitude toward financial regulation is, at best, lax. Given that Trump shilled for a memecoin himself during the election campaign, concluding that the crypto industry’s legal worries are mostly behind it seems like a good wager.

Oddly, though, Trump-themed memecoins themselves did quite badly, with the most popular Trump memecoin, which is literally called MAGA, falling by more than 50 percent this week, after initially spiking following Trump’s win. And his social-media company, the Trump Media & Technology Group, is also on pace to finish the week down, despite much anticipation that a Trump win would be good for the stock. Both of these sell-offs appear a classic example of traders buying the rumor and selling the news.

Financial stocks rose strongly, with companies such as Goldman Sachs and Morgan Stanley registering double-digit gains on Wednesday, presumably on the expectation that they, too, will be operating in a friendlier regulatory environment. Another intriguing sign was that shares of Discover, which is in the process of being acquired by Capital One, saw a 17 percent increase. That merger has yet to be approved by federal regulators, and it’s come under considerable scrutiny—including from Democratic members of Congress—for its arguably anticompetitive effects. The big spike in Discover’s stock price suggests that traders believe, almost certainly correctly, that for all of Vice President–elect J. D. Vance’s criticism of corporate consolidation, a Trump administration will be much friendlier to mergers and acquisitions than the Biden administration has been.

The stocks whose booms were the most ominous sign of what a Trump presidency has in store were those of Geo Group and CoreCivic, private-prison companies that already do a lot of business running migrant-detention facilities. Geo Group also administers a GPS-monitoring programs for asylum seekers who have been paroled into the country while waiting for their cases to be heard. If Trump expands facilities to detain people who cross the border and implements his plan for mass deportations, the demand for these companies’ services will rise sharply. Geo Group’s stock was up 42 percent on Wednesday, and CoreCivic’s rose 29 percent.

[Read: Don’t give up on America]

There were losers too. Electric-vehicle manufacturers, with the exception of Musk’s Tesla, saw their stocks fall, presumably because Trump is likely to eliminate subsidies for electric vehicles. The same was true for renewable-energy companies such as First Solar that will now be operating in an environment where the federal government has little interest in, if not outright hostility toward, their business. Tesla’s stock bucked this trend, rising 13 percent on a day when most competitors saw their stocks fall. Traders know that a company is set for success when its CEO played a major role in the president’s election.

Stocks in home-improvement retailers such as Home Depot and Lowe’s also slipped on Wednesday, though they recovered most of their losses by the end of the week. Some of that movement may have involved concern about the effect of Trump’s tariffs, which will force retailers to raise prices or else see their profit margins shrink. But the bigger reason was that higher interest rates provoked by Trump tax cuts would crimp new-home buying and renovation—and more expensive mortgages are bad for the Home Depots of the world even with more money in the economy. Real-estate firms similarly saw their shares fall.

The most intriguing category of losers were companies in sectors that could be a target of government action if Trump follows through on his promise to make Robert F. Kennedy Jr. some kind of health czar. (As yet, what specific job that might be is unclear, but RFK Jr. himself has been claiming some such role in interviews.) Pharmaceutical companies that make vaccines, particularly COVID-19 vaccines, saw their stocks fall. Trump has said he wants to defund any school that still has vaccine mandates (whether he means a COVID-19-vaccine mandate or one applying to any other type of vaccination is not known). But clearly, any exercise of power by RFK Jr. over their industry would be very bad news for vaccine makers.

Less glaring but likely related, the stocks of consumer-staples companies such as Pepsi and Mondelez fell. They didn’t take a terrible tumble: The sector as a whole was down only 1.6 percent. But if RFK Jr. does have an administration post, then processed food is a probable target of his “Make America Healthy Again” project—he already released a video going after a colored dye found in many kids’ foods. So it makes a certain sense that investors in those companies would be skittish about how his elevation might affect their business. This points to a certain tension in the relationship between Trump and RFK Jr.: The president-elect’s broad approach is all about deregulation, whereas Kennedy’s instinct is all about tightening regulation. Traders appeared to be betting that Trump’s tolerance for MAHA intervention will be limited.

All told, the markets remain fluid and dynamic, already showing signs that some investors have begun to reconsider their bets and unwind certain trades. (Interest rates, for instance, had come back down by Friday, in part because the Federal Reserve cut rates on Thursday.) Traders are, after all, trying to judge not only what a volatile, often distracted president is going to decide to do, but also how much his administration will actually be able to implement. The old line about Frank Sinatra comes to mind: It’s Trump’s world; traders just live in it.