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Trumponomics Daily—Thursday, February 9

February 9, 2017, 3:34 PM UTC

Is Donald Trump’s bark already losing its bite? After the president (via a Wednesday morning tweet) blasted Nordstrom for dropping his daughter Ivanka’s clothing line, shares of the retail giant momentarily shuddered, then, surprisingly, rallied, finishing the day up more than 4%. The performance snapped a streak of public companies sustaining damage to their stock after Trump singled them out. There was even some anecdotal evidence that Trump’s tweet had backfired, with investors buying shares in protest. “He did not hurt the stock. I will leave it to you to take it beyond that,” says Richard Jaffe, an analyst at Stifel Nicolaus who covers the company.

Shortly after Trump’s Nordstrom tweet, he appeared in the Oval Office with Intel CEO Brian Krzanich at his elbow. The chief of the U.S.-based tech giant announced a $7 billion chip investment to finish building a semiconductor factory in Arizona, crediting Trump’s tax and regulatory proposals with compelling the decision. As Fortune editor Alan Murray lays out this morning, Intel has some amends to make with Trump after Krzanich canceled a fundraiser for him over the summer. And, within the last week, the company added its name to the tech industry-driven legal brief opposing Trump’s travel ban. But Intel watchers say the company had already planned the project and would have followed through anyway. Meanwhile, a number of other manufacturers Trump has named and shamed for moving production abroad are nevertheless plowing ahead, per a Wall Street Journal report today. Rexnord, which Trump targeted in a December tweet for “viciously firing” workers in an Indianapolis plant making industrial bearings, is still moving the facility to Mexico. And Caterpillar and Nucor, both led by CEOs advising Trump on manufacturing policy, likewise are shifting production to plants south of the border.

We’ll be watching today to see if any Trump pronouncements following his meeting with airline executives manage to move their stocks — or if Nordstrom’s example suggests a new immunity is taking hold in the markets.

Tory Newmyer

Must Reads

Trump CEO Advisor Thinks President Is Wrong on Mexico [Fortune]

BlackRock chief executive Larry Fink worries the new administration’s protectionism could hurt his firm, a global business with $5 trillion under management, as well as the overall stock market.

One major issue divides the airline CEOs meeting Trump Thursday [Business Insider]

The three biggest American airlines are squaring off against smaller U.S. outfits and cargo carriers in a dispute over market access for a trio of Middle Eastern airlines.

Republicans Are Moving To Scrap Rules That Limit Overdraft Fees [BuzzFeed]

The prepaid debit card industry stands to reap a windfall from a GOP-sponsored push to do away with rules that prevent it from charging consumers tens of millions of dollars in overdraft fees.

Trump advisers' space plan: To moon, Mars and beyond [Politico]

The Trump administration is considering a new vision for the space program that involves the construction of privately operated space stations and a redirection of NASA’s mission toward the large-scale economic development of space.

Loose change

Uber’s Travis Kalanick Will Regret Quitting Donald Trump’s Advisory Council [Fortune]

Donald Trump’s Narcissism Got Him Elected. It Won’t Get Him Impeached [Fortune]

Fast-food CEO Andy Puzder says he will divest from more than 200 investments if confirmed as labor secretary [Washington Post]

Trump Preparing to Nominate Commodity Futures Trading Commission’s Giancarlo as Chair [WSJ]