Stock futures plunge after President Trump confirms he has coronavirus
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U.S. equity futures plunged by more than 1.6%, or 500 Dow points after President Trump confirmed through a tweet that he and the first lady tested positive for coronavirus.
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The Dow Industrials had only been down 50 points before the announcement.
"Tonight, @FLOTUS and I tested positive for COVID-19," the president wrote. "We will begin our quarantine and recovery process immediately. We will get through this TOGETHER!"
This is a developing story
Indonesia Revises Rule on Entry Ban for Singapore Travel: Kompas
Indonesia is revising a rule banning foreigners from entering the country, as it discusses opening a travel corridor for essential business purposes from Singapore, according to Kompas.
The government is opening travel corridors to allow businesspeople, experts, investors and state officials to enter the country, Kompas newspaper reported, citing Yasonna Laoly, minister of law and human rights. Indonesia is in talks with Singapore, after agreeing to arrangements with the United Arab Emirates, South Korea and China.
Southeast Asia’s largest economy has banned the entry of foreigners since April as it seeks to curb the spread of coronavirus infections, with exemptions given to those with long-term passes including a work permit.
An electronic visa service for travel under the corridor arrangement will be available from Oct. 15, and there will be special booths for Singapore travelers entering through Soekarno-Hatta International Airport and Batam island, Laoly said in the report.
Donald Trump and wife Melania test positive for coronavirus
Donald Trump and his wife Melania have tested positive for coronavirus.
In a tweet, the president 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!”
Mr Trump, 74, earlier said he and the first lady, 50, were self-isolating after Hope Hicks, one of his top aides, tested positive.
Treasury yields fall as White House confirms President Trump has tested positive for coronavirus
- The White House has confirmed that President Trump is in quarantine after testing positive for coronavirus.
- The First Lady, Melania Trump, has also tested positive for Covid-19.
U.S. government debt prices rose on Friday morning as investors searched for safer assets after President Trump tested positive for coronavirus.
At around 1.15 a.m. ET, the yield on the benchmark 10-year Treasury note dropped above 2% to trade at 0.6627%. At the same time, the yield on the 30-year Treasury bond fell above 1% to trade at 1.4389%. Yields move inversely to prices.
The mood in the bond market reflects concerns among investors about volatility in equity markets. As the U.S. readies for the presidential election in November, the White House confirmed in the early hours of Friday that President Trump is in quarantine after testing positive for coronavirus.
The First Lady, Melania Trump, has also tested positive for Covid-19.
Traders will also monitor nonfarm payrolls and unemployment figures due at 8:30 a.m. ET. There will also be consumer sentiment and factory orders released at 10 a.m. ET.
There are no Treasury auctions scheduled.
Job postings are down, but these sectors are hiring
Hong Kong (CNN Business)US stock futures plunged Friday after President Donald Trump said that he and First Lady Melania Trump have tested positive for coronavirus.
Dow (INDU)futures were last down 439 points, or 1.6%. S&P 500 (SPX) futures were down 2% and Nasdaq (COMP) futures were down 1.8%.
Stock futures were lower earlier as news broke that top Trump aide Hope Hicks tested positive for the virus, and that Trump and his wife would be tested and would start a “quarantine process.” But those losses quickly accelerated after Trump said those tests were positive.
“Tonight, @FLOTUS and I tested positive for COVID-19. We will begin our quarantine and recovery process immediately,” Trump tweeted shortly before 1 a.m. ET Friday. “We will get through this TOGETHER!”
This is a developing story and will be updated.
— Anneken Tappe and Jazmin Goodwin contributed to this report.
U.S. Jobless Claims Drop More Than Expected To Six-Month Low
First-time claims for U.S. unemployment benefits declined by more than expected in the week ended September 26th, according to a report released by the Labor Department on Thursday.
The report said initial jobless claims fell to 837,000, a decrease of 36,000 from the previous week’s revised level of 873,000.
Economists had expected jobless claims to dip to 850,000 from the 870,000 originally reported for the previous week.
With the bigger than expected decrease, jobless claims slid to their lowest level since before the coronavirus-induced lockdowns in March.
The Labor Department said the less volatile four-week moving average also slipped to 867,250, a decrease of 11,750 from the previous week’s revised average of 879,000.
Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, plunged by 980,000 to 11.767 million in the week ended September 19th.
The four-week moving average of continuing claims also tumbled to 12,701,250, a decrease of 381,250 from the previous week’s revised average of 13,082,500.
On Friday, the Labor Department is scheduled to release its more closely watched monthly employment report for September.
Economists expect employment to increase by about 850,000 jobs in September after jumping by 1.371 million jobs in August. The unemployment rate is expected to edge down to 8.2 percent from 8.4 percent.