Donald Trump has been a boon to markets and companies that opposed the businessman during his presidential run.
On Tuesday, the Trump rally continued as the Dow, Nasdaq, S&P 500 and Russell 2000 surged to new highs simultaneously.
But some companies were not welcomed into the winner’s circle after Trump won the election—including Newmont Mining Corp, Earlier this year, investors predicted that a Trump win would be matched by a surge in gold prices. But as investors calmed and began to pile into stocks, gold fell. The drop comes despite that the fact that many have warned that Trump’s policies will lead to massive inflation. Gold usually rallies in times of inflation.
One gold mining stock in particular, Newmont, has become one of the worst performers on the S&P 500 since Trump’s election, despite the president elect’s love of all things gold—including the gold standard. Trump has vowed to boost employment in the mining industry.
After an initial surge after election night, Newmont has since fallen 9.4%, Barrick Gold Corp. has dipped 12%, and an exchange traded fund tracking gold miners, the VanEck Vectors Gold Miners ETF has fallen a whopping 24% since Trump’s win.
Another big stock market Trump loser is Medtronic mdt . The maker of implants and other medical devices was up for the year before Trump won the election. It has since fallen nearly 13% in the past two weeks, now down 4% for the year, as investors are worried a roll back of Obamacare could hurt sales.
But it may not just be Trump holding down these stocks. Demand for gold, the “fear index” has likely be curbed by greater odds of a December rate hike, as well as the surging dollar.
That comes as financial stocks have been the biggest stock market winners since Nov. 8, thanks to Trump’s promises to pull back on banking regulation such as Dodd-Frank, and tech stocks sank on fears of the president-elect’s more protectionist trade policies.