Dr. Marc Siegel weighs in on the announcement by President Trump.
Stock futures plunged Friday morning after President Donald Trump tweeted he had tested positive for COVID-19.
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“Tonight, @FLOTUS and I tested positive for COVID-19,” Trump posted at 12:54 a.m. Friday. “We will begin our quarantine and recovery process immediately. We will get through this TOGETHER!”
Dow futures were falling 443 points, a decline of 1.6%, while NASDAQ Composite and S&P 500 futures declined 264 and 48 points, losses of 2.3% and 1.7%, respectively.
STOCKS RISE AHEAD OF SEPTEMBER JOBS REPORT AND ONGOING STIMULUS TALKS
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:IDI | n.a. | n.a. | n.a. | n.a. |
| I:COMP | NASDAQ COMPOSITE INDEX | 11326.507135 | +159.00 | +1.42% |
| SP500 | S&P 500 | 3380.8 | +17.80 | +0.53% |
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND L.P. | 27.51 | -0.78 | -2.76% |
| GLD | SPDR GOLD SHARES TRUST – EUR ACC | 178.70 | +1.58 | +0.89% |
Other asset classes were reacting to the news, as crude oil declined 4.9% to $36.83 and the U.S. Dollar Index ticked up 0.06% to 93.77.
Gold futures also declined slightly, falling 0.15% to $1,913.50 an ounce.
News of Trump’s infection came just a short time after one of the president’s closest advisors, Hope Hicks, was revealed to have tested positive for COVID-19, which has killed more than 205,000 Americans and 1 million people worldwide.
On the economic front, the September nonfarm payroll report will be released at 8:30 a.m, with economists looking for a gain of 800,000 jobs in September. That’s down from the 1.37 million jobs that were added in August, as the U.S. economy continues to bounce back from the coronavirus pandemic.
The unemployment rate is expected to tick down to 8.2% from 8.4%, while the average workweek is expected to remain steady at 34.6 hours.
At 10 a.m., August factory orders and University of Michigan consumer sentiment will be released. Economists are looking for readings of 1.2% and 79, respectively.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GM | GENERAL MOTORS COMPANY | 30.38 | +0.79 | +2.67% |
| NKLA | NIKOLA CORPORATION | 24.11 | +3.63 | +17.72% |
On the corporate front, General Motors Co. is considering boosting its stake in Nikola Corp., Bloomberg reported.
Last month, GM and Nikola agreed to a deal that would see the Detroit automaker take an 11% stake in the electric-truck maker, while also supplying fuel-cell technology and building a new battery for its Badger electric truck.
Since then, shares of Nikola have declined over allegations it made false statements about its technology and its founder, Trevor Milton, has been accused of sexual harassment. Milton has since resigned.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 3,221.26 | +72.53 | +2.30% |
Amazon.com Inc. said late Thursday that nearly 20,000 of its workers had tested positive for COVID-19 in six months.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TWLO | TWILIO INC | 256.96 | +9.87 | +3.99% |
Shares of Twilio Inc. were surging more than 7% after the cloud communications provider forecast in a filing that it would generate more third-quarter revenue than the $401 million to $406 million it predicted in August.
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European markets were also declining on Friday, with STOXX down 0.3% and the FTSE 100 declining 0.7%.
