Market Coverage: Friday October 2 Yahoo Finance

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Stock futures fell Friday morning after President Donald Trump revealed he had tested positive for Covid-19, injecting further uncertainty into an already contentious political environment.

Market participants also awaited the Labor Department’s September jobs report Friday morning, and considered dimming prospects for further fiscal stimulus in the near-term.

Overnight, Trump wrote in a Twitter post that he and First Lady Melania Trump, who also tested positive for Covid-19, would begin the “quarantine and recovery process immediately.” The White House has canceled all of Trump’s previously scheduled public events, which included a rally in Florida on Friday.

Contracts on each of the three major indices sold off more than 1% on the news. Dow futures sank more than 300 points, or 1.2%, around 7:20 a.m. ET. Futures on the Nasdaq lagged, sinking 2%.

The risk-off mood broadened out into other asset classes as well, with crude oil prices extending Thursday’s drop to plunge another more than 4% early Friday morning. US Treasury yields fell as prices on the safe haven asset were bid higher.

The moves in equity markets were a sharp contrast to the strong advances during Thursday’s regular session, when a tech-led advance powered the Nasdaq higher by 1.4%. Gains in the S&P 500 and Dow, however, had been much more muted. The two indices lost steam in afternoon trading, after discussions between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin on Thursday apparently yielded no agreement on a virus-related relief proposal. Republican and Democratic lawmakers remain far apart on the dollar amount of another round of stimulus, as well as on details on sums for state and local aid.

House Democrats, however, still on Thursday evening voted to advance their $2.2 trillion stimulus proposal unveiled earlier this week. However, the package is almost certain to be struck down by Senate Republican lawmakers, who have balked at the high price tag of the proposal.

On the economic data front, investors are looking ahead to the Labor Department’s September jobs report Friday morning, which is expected to show a fifth straight month of net job increases, but with gains coming at a moderating pace. The report, which will be the last before November’s election, is expected to show that employers added a net 875,000 payrolls in September, with the unemployment rate of 8.2% for a slight improvement from August’s 8.4%.
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