President Trump’s Visa Program Encourages Hiring Americans
$DIA, $SPY, $QQQ, $VXX, $FB, $MSFT, $AAPL, $SNA
Tuesday, US President Donald Trump signed an executive order directing federal agencies to recommend changes to a temporary visa program used to bring foreign workers to the United States to fill high-skilled jobs.
President Trump will also use the “Buy American and Hire American” order to seek changes in government procurement practices to increase the purchase of American products in federal contracts.
He signed the order on a visit the world HQ of Snap-On Inc, (NYSE:SNA), a tool manufacturer in Kenosha, Wisconsin.
The order is President Trump carrying out his “America First” campaign pledges to reform US immigration policies and encourage purchases of American products.
The order calls for “the strict enforcement of all laws governing entry into the United States of labor from abroad for the stated purpose of creating higher wages and higher employment rates for workers in the United States.”
It calls on the US departments of Labor, Justice, Homeland Security and State to take action to crack down on what the official called “fraud and abuse” in the US immigration system to protect American workers.
The order calls on those four federal departments to propose reforms to ensure H-1B visas are awarded to the most skilled or highest paid applicant.
H-1B visas are intended for foreign nationals in “specialty” occupations that generally require higher education, which according to US Citizenship and Immigration Services (USCIS) includes, but is not limited to, scientists, engineers or computer programmers. The government uses a lottery to award 65,000 visas every year and randomly distributes another 20,000 to graduate student workers.
The number of applications for H-1B visas fell to 199,000 this year from 236,000 in Y 2016, according US Citizenship and Immigration Services.
Companies say they use visas to recruit top talent. More than 15% of Facebook Inc’s (NYSE:FB) US employees in Y 2016 used a temporary work visa, according to an analysis of US Labor Department filings.
Facebook, (NASDAQ:FB), Microsoft Corp (NASDAQ:MSFT) and Apple Inc. (NASDAQ:AAPL) were not immediately available for a comment outside normal business hours.
Tuesday, the major US stock market indexes finished at: DJIA -113.64 at 20523.28, NAS Comp -7.32 at 5849.47, S&P 500 -6.82 at 2342.19
Volume: Trade was below average on the NYSE as 890-M/shares exchanged hands.
- NAS Comp +8.7% YTD
- S&P 500 +4.6% YTD
- DJIA +3.9% YTD
- Russell 2000 +0.4% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
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|Neutral (-0.07)||Bearish (-0.29)||Neutral (-0.17)||Bullish (0.25)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Bullish (0.27)||Neutral (0.07)||Neutral (0.23)||Very Bullish (0.50)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Neutral (-0.05)||Neutral (0.19)||Neutral (-0.12)||Neutral (-0.21)|
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