Equity

Stocks Fall After President Trump Tests Positive for Coronavirus

Posted 10/02/2020 9:42AM CTJeff Yasak

U.S. stock futures were trading sharply lower this morning on President Trump’s announcement that he tested positive for Covid-19, this coming on a day when the last job report before the election was to be the big news.  The Dow was down nearly 400 pts and the S&P 500 and Nasdaq were headed for even bigger losses on the open as traders reel on what this means for the upcoming election and the new economic stimulus plan.  “Markets (being impersonal) will focus on whether this affects the election outcome or public health policy,” UBS economist Paul Donovan said in a note Friday.  ‘The future presidential debates may not happen; these were not seen as especially significant. Those opposed to mask-wearing may revise their views, and the president’s experience may impact US public health policy.”

The Labor Department released this morning that nonfarm payrolls rose by a lower than expected 661,000 and the unemployment rate was listed at 7.9 %, the last number before the election.  Projections were a gain of 800,000 and rate of 8.2%.  This payroll miss was largely due to a drop in government hiring as home schooling continues.

E-mini S&P 500 Dec ’20 Daily Chart
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Jeff Yasak

Senior Market Strategist
Since leaving the corporate world in 1995, Jeff has established a name for himself as a trusted financial advisor and trading advocate—leveraging his studies in finance from the University of Wisconsin-Madison and Loyola University, 25+ years of experience, and a passion for the industry to guide both novice and experienced traders in pursuit of achieving their own financial reward. Jeff began his career as a clerk in the S&P 500 pit at the Chicago Mercantile Exchange—fostering a deep interest in the options market that eventually drove him into the retail futures sector where he spent several years as a broker’s assistant before taking on clients of his own. Operating at the intersection of strategy and success, Jeff seeks to establish meaningful relationships with clients—synthesizing financial data and offering timely insight that informs critical decision-making surrounding money management and trading activities. Well-versed in the futures, securities, equities, and indices markets, Jeff is uniquely positioned to direct his clients to success. With a carefully cultivated combination of experience and expertise, he is able to connect with clients to better understand their goals and offer sound financial guidance that delivers notable bottom-line results.
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