Stock futures get rocked as Trump tests positive for COVID-19

Stock futures get rocked as Trump tests positive for COVID-19
heblo / Pixabay

Commenting on President Trump and the First Lady both testing postive for COVID-19 and today’s trading Gorilla Trades strategist Ken Berman said:

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Q2 2020 hedge fund letters, conferences and more

Trump And The First Lady Both Test Positive For COVID-19

The major indices are all trading lower following a very active and nervous morning session on Wall Street. Stock futures were rocked overnight by the news that the President and the First Lady both tested positive for the COVID-19, which could have a major impact on the last month of the election campaign. As for the stimulus talks, the House passed the $2.2 trillion Democratic proposal today, but the bill is unlikely to pass Sensate in its current form. That said, the two sides agreed to continue the negotiations, and that supported stocks in early trading amid the reports that the President is experiencing “mild” symptoms.

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The highly anticipated government jobs report was mixed as even though the headline non-farm payrolls number missed expectations, the unemployment rate fell below 8% and there were further positive surprises “under-the-hood”. Payroll growth for the past two months was revised notably higher, the number of temporary unemployed fell by over 1.5 million, so although the speed of the recovery is slowing, the impact of the reopening push is apparent. The large-cap benchmarks found support near their 50-day moving averages again, so the technical damage is limited, giving hope to bulls that we won’t revisit last week’s lows.

Market Wrap

Dow: 27,687, - 130 or 0.5%

S&P 500: 3,348 - 33 or 1.0%

Nasdaq: 11,192, - 133 or 1.2%

Russell 2000: 1,526, - 5 or 0.3%

Market breadth has been in line with the performance of the major indices this morning, with decliners outnumbering advancing issues by a 3-to-1 ratio on the NYSE at midday. 32 stocks hit new 52-week lows on the NYSE and the Nasdaq, while 47 stocks hit new 52-week highs. The major indices have been trading above their daily VWAPs (Volume-Weighted Average Price) for most of the morning session, pointing to intraday buying pressure. The key sectors have been diverging substantially in early trading, with energy stocks being hit hard yet again, but with cyclicals showing relative strength compared to the weak tech sector and consumer-related issues, so we could be in for a busy afternoon session. Stay tuned!

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