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Home Business News Coronavirus

President Trump tests positive to COVID-19, U.S Stock Futures down

Olumide AdesinabyOlumide Adesina
3 years ago
in Coronavirus, Spotlight, Stock Market
Trump proposes $25 billion bailout for U.S. airlines, President Trump approves Oracle, Walmart deal with TikTok, US gives reasons it warned citizens against travelling to Nigeria, lists 12 high risk states, Donald Trump, What does Iran’s war with America mean for Africa?, US to stop issuing visa for Birth Tourism, Trump Travel Ban List: Why Nigeria should be excluded  , US spends over $5b in health assistance to Nigeria in 20 years, gives $32.8m for covid-19, Oil Is Back, YouTube suspends President Trump's account

President Trump

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U.S. stock futures dropped lower on Friday after President Trump disclosed he and his wife have tested positive for the COVID-19 virus.

Tonight, @FLOTUS and I tested positive for COVID-19. We will begin our quarantine and recovery process immediately. We will get through this TOGETHER!

— Donald J. Trump (@realDonaldTrump) October 2, 2020

President via his Twitter Feed said, “Tonight, @FLOTUS and I tested positive for COVID-19. We will begin our quarantine and recovery process immediately. We will get through this TOGETHER!”

READ: Investors flock to US dollar, as Gold, Bitcoin, Global Stocks record heavy sell-offs

Futures for the S&P 500 lost over 1% after such sensitive news was released to the public, expanding earlier losses, while U.S Treasury yields remained broadly unchanged.

MSCI’s broadest index of Asia-Pacific shares outside Japan lost about 0.15%.

What this means: The world’s most powerful political leader testing positive to the COVID-19 virus could trigger a new wave of market price swings across the spectrum as global investors get set for a hotly-contested presidential election in November.

READ: Reps to investigate alleged illegal withdrawal of $1.05 billion from NLNG account

Futures for the tech-heavy Nasdaq (NQc1) also fell 01% in Asian trading.

Quick fact: American Stock futures are simply standardized contracts that global traders use in purchasing or selling the U.S stocks at a future date. This means that the U.S stock futures give an insight into what global investors see before the market opens, or after it closes.

READ: S&P 500 futures suffer longest run of losses since February

In an explanatory note to Nairametrics, Stephen Innes, Chief Global Market Strategist at Axi spoke on other fundamentals, moving U.S stock futures prices, by saying;

“US equities scratched out another gain overnight after recovering from intraday losses as the stalemate persist on fiscal stimulus negotiations. House Democrat Leader Pelosi indicated a House vote would proceed despite being “still far apart” from Republicans. And that House vote symbolizes the stalemate: without Republican agreement, it has no chance of passing the Senate but gives Democrats a platform for the Presidential election. Things remain fluid; we all know what is at stake if this deal does not go through before markets sundown, it is unlikely to be pretty ugly.”

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