Published February 03, 2025

05:54 PM EST

U.S. President Donald Trump.

Chip Somodevilla / Getty Images

Key Takeaways

  • A handful of health care stocks rose Monday after President Trump said his administration is “not going to do anything” with Social Security, Medicare, and Medicaid.
  • Health insurer Molina Healthcare was the S&P 500’s second-biggest riser on Monday.
  • Health care stocks bucked a broader downturn for U.S. equities after Trump over the weekend ordered tariffs on Canada, Mexico, and China.

A handful of health care stocks got a boost after President Trump said Friday his administration would “love and cherish Social Security, Medicare, and Medicaid.”

Molina Healthcare (MOH) was the second-biggest gainer in S&P 500 on Monday, with shares of the health insurer rising nearly 5%. Shares of fellow insurer Elevance Health (ELV) rose 2%, drugmaker AbbVie (ABBV) added 3% and managed care provider Centene Corp (CNC) tacked 1%, bucking a broader downturn for U.S. stocks.

Raymond James analysts said Sunday that while Trump has previously maintained his administration would protect Social Security and Medicare, “this is the first time we know of” that Medicaid has been included in that group.

“We are not going to do anything with [Social Security, Medicare, and Medicaid] other than if we can find some abuse or waste we’d do something but the people won’t be affected,” Trump told reporters Friday evening.

The health care bump came amid broader market uncertainty after Trump ordered tariffs Saturday of 25% on Mexico and Canada, and 10% on China. 

The major U.S. stock indexes began the Monday session sharply lower but pared losses after Trump and Mexican President Claudia Sheinbaum said tariffs on Mexican goods would be delayed by a month. A similar pause in tariffs against Canada was announced after the stock market closed.

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  1. Raymond James. “Quick Hits: Trump on Medicaid, RFK Timing, Trump Drug Pricing.”