Biotech investments and acquisitions have been declining this year, Bloomberg found, as investors are weary of Trump's ability to foster a biotech boom.

The stats: Compared to three years ago, exchange-traded funds have lost nearly half of its trading volume, per Bloomberg. Moreover, Bloomberg noted that these acquisitions — pharmaceutical and biotech — are down 13 percent this year, totaling $44 billion last quarter.

The Trump effect: Biotech investors and companies are standing by to see what relevant issues Trump's administration will move forward on, such as tax reform and the eventual Obamacare replacement, before they feel confident in investing more in the industry.

When there is a little bit more clarity on some of the policy issues we could probably see an uptick in M&A.—Jeff Greene, partner at Ernst & Young

The big questions: Will there be more dealmaking when the Obamacare repeal effort is resolved one way or another, or when Scott Gottlieb is confirmed as the next FDA commissioner? Or will it get worse if Trump keeps talking about drug prices?

Go deeper

12 mins ago - Health

Houston public health system CEO says coronavirus situation is "dire"

Houston's coronavirus situation is "dire, and it's getting worse, seems like, every day," Harris Health System CEO and President Dr. Esmail Porsa said Monday on MSNBC's "Morning Joe."

The big picture: Porsa said the region is seeing numbers related to the spread of the virus that are "disproportionately higher than anything we have experienced in the past." He noted that Lyndon B. Johnson Hospital's ICU is at 113% capacity, and 75% of its beds are coronavirus patients.

Fund managers start to board the stock bandwagon

Illustration: Aïda Amer/Axios

Asset managers at major U.S. investment firms are starting to get bullish with their clients, encouraging stock buying and trying not to get left behind right as the metrics on tech stocks rise back to highs not seen since the dot-com crash of 2000.

What's happening: Appetite for stocks is starting to return, but slowly as institutional money managers were overwhelmingly sitting on the sidelines in cash during April and May.

2 hours ago - World

China bans Cruz and Rubio over Xinjiang criticism

Photos: Graeme Jennings/Pool/Getty Images; Al Drago/Pool/Getty Images

China said Monday that it will ban entry to Sens. Marco Rubio (R-Fla.) and Ted Cruz (R-Texas) over their criticisms of human rights abuses in Xinjiang, the AP reports.

The big picture: The move seems to be retaliatory after the U.S. announced sanctions on four Chinese officials for human rights abuses against Uighur Muslims and other ethnic minorities in the region last week.