President Donald Trump and first lady Melania Trump tested posited on coronavirus, this news had a dramatic impact on U.S. stock futures. Importantly, Dow futures dropped on October 2.
Moreover, futures tied to the Dow Jones Industrial Average lost 400 points or 1.5%. Notably, the move indicated an opening loss of about 410 points. Also, the S&P 500 futures dropped 1.6%. Moreover, Nasdaq 100 futures declined 2.3%.
It is worth noting that, the president’s diagnosis added more uncertainty to the election. Importantly, that event continues to affect the market and keeps traders on edge as they are trying to evaluate the possible outcomes.
Notably, shares of stocks tied to the economy reopening declined in premarket trading. It makes sense, as the news underlined the risk of the second wave of the coronavirus. Moreover, it raised fears that maybe lawmakers would slow the pace at which they relaxed coronavirus measures.
U.S. stock futures and politics
As can be seen from the information stated above, U.S. stock futures suffered losses due to this news. Moreover, investors are closely monitoring the situation, and they will debate the implications of this news on stimulus, reopening, and the election.
According to White House physician Dr. Sean Conley, President Trump, and first lady Melania Trump are doing fine at the moment. They plan to remain in the White House. Furthermore, Dr. Conley expects Trump to continues carrying out his duties without disruption.
Importantly, the Trump tweet initially knocked down Dow futures about 500 points in overnight trading. Moreover, the contracts were off their worst levels as traders analyzed the news.
Interestingly, shares of cruise lines, as well as airlines, were the biggest losers in premarket trading. For example, shares of Royal Caribbean dropped 5% and United Airlines lost 4.7%.
Furthermore, technology shares also declined in premarket trading. Shares of Apple dropped 5% and Tesla fell 5%.