The U.S. stock market has been in flux since President-elect Donald Trump's surprising victory on Tuesday night, and one industry in particular has taken a big hit: Mexican beer.
In the aftermath of the election, the shares of Constellation Brands Inc., the company responsible for importing Corona and a number of other popular Mexican beers, fell 8 percent the day after the big vote. Prior to Tuesday, the expectation of a likely Hillary Clinton win had driven Contellation Brands' stock up, as investors were feeling hopeful about the future of Mexican-American trade relations. According to Bloomberg Markets, the brand experienced their biggest market boost in months the day after the F.B.I. cleared Clinton for the second time of any criminal charges related to her private email server.
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At the time, market analyst Nik Modi reported that the market was "pricing in a higher probability of Clinton winning," due to the Democratic nominee being "not as tough on Mexico as Trump." Now, that mood has rapidly reversed as investors are unsure what a Donald Trump presidency will mean for relations between the U.S. and its neighbor to the south. Stoking investors concerns, Trump has also vowed to oppose NAFTA, which would likely drive up import tarrifs on Mexican goods signficantly.