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Dow Futures Slump 335 Pts; Trump Covid News Weighs

Stock MarketsOct 02, 2020 07:05AM ET
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© Reuters.

By Peter Nurse

Investing.com - U.S. stocks are set to open sharply lower Friday after President Donald Trump and first lady Melania Trump tested positive for Covid-19, greatly increasing the political uncertainty as the presidential election draws near.

At 7:05 AM ET (1105 GMT), S&P 500 Futures traded 42 points, or 1.3%, lower, the Dow Futures contract fell 330 points, or 1.2%, while Nasdaq 100 Futures slumped 212 points, or 1.8%.

Earlier Friday, President Trump confirmed, via a tweet, that he and the First Lady had tested positive for the virus, just hours after it was confirmed that trusted advisor Hope Hicks had also been infected.

White House physician Dr. Sean Conley said in a letter that the president and first lady were “both well at this time,” and he expected Trump “to continue carrying out his duties without disruption while recovering.”

However, this development comes just a month before the presidential election and clearly raises questions about the political process, particularly as others at the highest levels of government could also have been exposed.

"What is getting me worried more than anything else is the question mark over the legitimacy of the election process," said David Arnaud, a fixed income fund manager at Canada Life Asset Management, in a Reuters report.

The market had already been unsettled by House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin being unable to reach agreement on a new stimulus deal on Thursday, having previously raised hopes that it would be done.

The focus as far as the data slate is concerned will be on the widely watched nonfarm payrolls number, which is due at 8:30 AM ET (1230 GMT). It’s forecast to come in at 850,000 for September, compared with 1.3 million for August. The unemployment rate is expected to fall to 8.2% for September, from 8.4% in August.

Additionally, the University of Michigan Consumer Sentiment Index is forecast at 79 for September, versus 78.9 the previous month.

In corporate news, airlines, hotel owners and cruise operators are being hard hit in premarket trade as sentiment surrounding these companies, which have been severely impacted by the virus, deteriorates.

Oil prices weakened Friday, continuing the selloff from the previous session and hitting three-week lows on concerns over demand amid a resurgence in Covid-19 cases, with the President's infection amplifying the concern.

U.S. crude futures traded 4.3% lower at $37.06 a barrel, while the international benchmark Brent contract fell 4.1% to $39.25. Both contracts fell more than 3% Thursday, and are on course for a second consecutive week of declines.

Elsewhere, gold futures fell 0.2% to $1,913.35/oz, while EUR/USD traded 0.4% lower at 1.1704.

 

Dow Futures Slump 335 Pts; Trump Covid News Weighs
 

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Comments (21)
Matius Marvn
Matius Marvn Oct 02, 2020 8:54AM ET
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play , V coming
Mario tragik
Mario tragik Oct 02, 2020 8:32AM ET
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And the market cares why?
José Oliveira
José Oliveira Oct 02, 2020 8:29AM ET
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Oops, you have to talk to the militias br, so they hire Adélio of  Bolsonaro to stage in the usa.
José Oliveira
José Oliveira Oct 02, 2020 8:27AM ET
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Covid is very nice. Trump does not need to show the income tax return.
jonathan seagull
jonathan seagull Oct 02, 2020 8:27AM ET
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Yes, this is a part of his grandiose plan. Next, Biden is positive, Trumps miraculously cured within 2 days or resurrected whatever, reelected, and conquer the China with a flat victory. On the way, *******or liberate Jung Uhn Kim.
Taylor Huddlestun
Taylor Huddlestun Oct 02, 2020 8:26AM ET
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So the incubation period is around 5 days correct? assuming it was 3-5 days ago he was infected then he should start showing symptoms this weekend?? We will see.
Ed Glass
EddieG Oct 02, 2020 8:26AM ET
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Not every body infected by COVID shows symptoms.
José Oliveira
José Oliveira Oct 02, 2020 8:25AM ET
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Trump invented this lie so as not to go to the debates and not need to show his income tax return.
Ed Glass
EddieG Oct 02, 2020 8:23AM ET
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perhaps Putin offer his RUSSIAN vaccines to Drumpf.
Ed Glass
EddieG Oct 02, 2020 8:19AM ET
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Some ppl still don't understand that only real N95 masks and face shield may prevent you from getting COVID.
Ed Glass
EddieG Oct 02, 2020 8:15AM ET
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Republican foax. Trying to get sympathy vote.
CR Alyxandr
CR Alyxandr Oct 02, 2020 8:13AM ET
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Donald Trump has ALWAYS PREVAILED! His unsinkable/nonconformist/contarian mindset has been & is his greatest asset, which has elevated him from working with his dad in the residential multi-family real estate space, to charting his own course into Manhattan, with no prior experience in large scale commercial development—going on to becoming one of the youngest and most influential developers in NYC—and, now onward & upward into the highest position in the land of these United States Of America.He may not be perfect, as none of us are (with various personality faux pas, especially for those who heavily criticize him), nevertheless he gets the job done, to the best of his ability.And, must we not forget, he’s not a “professional politician” who’s all prim and proper. The man is an assertive businessman (just in the likes of John D. Rockefeller, who also wasn’t highly favored by ppl), yet both genuine-hearted men, doing what they know best to do.
Hunt Richardson
Hunt Richardson Oct 02, 2020 8:13AM ET
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being very stubborn helps, but it won't help him get back on the campaign trail. too bad the people around him didn't need to the warnings and k their masks off in defiance of good medical advice
Hunt Richardson
Hunt Richardson Oct 02, 2020 8:13AM ET
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*heed, *took
CR Alyxandr
CR Alyxandr Oct 02, 2020 8:00AM ET
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He’s all good, blessed, and covered by prayers (especially with Pastor Paula White being his spiritual advisor). Plus, Magic Johnson contracted HIV/AIDS, over 30 years ago, and is STILL TO THIS DAY vibrantly succeeding in business. #Trump2020 🇺🇸💪🏽
Christopher Dunson
Christopher Dunson Oct 02, 2020 7:58AM ET
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Anyone repeatedly tested will eventually become positive. A positive test is not a death sentence. An aide tested positive and thus President Trump was tested.  As always, the President remains upbeat and looking to the future.
Jesse Mulliniks
Jesse Mulliniks Oct 02, 2020 7:39AM ET
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“15 days to slow the spread” “open by easter” “we think it goes away with the heat” “it’s the democrat’s new hoax” “it’s just a few cases coming out of china we have it under control”
The Man
The Man Oct 02, 2020 7:39AM ET
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Maybe you need to drink some more of your liberal kool aid
Jesse Mulliniks
Jesse Mulliniks Oct 02, 2020 7:39AM ET
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The Man I only repeated things that the republican president said
tom gwinn
tom gwinn Oct 02, 2020 7:39AM ET
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dont forget when he told everyone to inject bleach and they are working on getting uv light inside the body cuz it doesnt do well in the sun
beez waxxxxx
beez waxxxxx Oct 02, 2020 7:34AM ET
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I go tp the gym everyday never been infected this is all a set up
beez waxxxxx
beez waxxxxx Oct 02, 2020 7:30AM ET
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democrats will do anything to destroy trump I am surprised they haven't killed him yet
Khalid Rashid
Khalid Rashid Oct 02, 2020 7:30AM ET
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Were u born with down syndrome?
Ivi Mata
Ivi Mata Oct 02, 2020 7:29AM ET
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hahaha nice the people
Ivi Mata
Ivi Mata Oct 02, 2020 7:29AM ET
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the number off what?
eddie glass
eddie glass Oct 02, 2020 7:28AM ET
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i thought you mask sheep said that masks prevent you from spreading the virus and not from getting it? hicks wore her mask religiously. if anything this proves that masks are pointless.
Sange Gogotya
Sange Gogotya Oct 02, 2020 7:27AM ET
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Classic👌
beez waxxxxx
beez waxxxxx Oct 02, 2020 7:21AM ET
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democrats infected him
Mark Grube
Mark Grube Oct 02, 2020 7:19AM ET
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and you wonder what will happen if biden wins? market plunge 4 sure
Matthew Mngadi
Matthew Mngadi Oct 02, 2020 7:19AM ET
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i am new to this 🤦‍♂️
Ronald Warren
Ronald Warren Oct 02, 2020 7:19AM ET
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Don't be too hasty. I listened to nonsense in 2016 and lost $20,000 shorting the market because I knew Trump would win. If Biden wins, the liberals will go "All In". Markets will probably go up.
 
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