October 2, 2020

Bill Hastie |

A technology-led rally pushed the U.S. equity markets higher yesterday with the NASDAQ seeing the largest gains.  The Dow and S&P 500 gained 35.20 and 17.80 points, or +0.13% and +0.53%, respectively, while the NASDAQ gained 209.01 points, or +1.88%.

Just before 1am ET, President Trump tweeted that he and first lady Melanie Trump have both tested positive for the coronavirus.  This announcement came just hours after the President indicated they would begin quarantining following close contact with advisor Hope Hicks, who tested positive for COVID and had traveled to Ohio for Tuesday’s presidential debate.

Global investment markets immediately reacted to the news of President and Mrs. Trump.  Dow futures are down more than 450 points within 30 minutes of the market’s open this morning.

The House yesterday narrowly approved a $2.2 trillion democratic stimulus package by a vote of 214 - 207, but the bill is not likely to get through the republican-led Senate.  House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin continue to negotiate toward a bipartisan economic relief package.

The Labor Department announced this morning that 661,000 jobs were created in September, dropping the nation’s unemployment rate to 7.9%.  Economists surveyed by Dow Jones had been expecting 800,000 to have been created last month, and an unemployment rate of 8.2%.  This mixed news is also playing into the mix of today’s market reaction.