The US stock futures fell and bonds rallied after President Donald Trump and his wife Melania Trump tested positive for Covid-19.
President Trump who disclosed this on Friday, October 2, via his Twitter handle said he and his wife have tested positive for the COVID-19 virus.
Tonight, @FLOTUS and I tested positive for COVID-19. We will begin our quarantine and recovery process immediately. We will get through this TOGETHER!
— Donald J. Trump (@realDonaldTrump) October 2, 2020
Techeconomy.ng gathered the country’s futures tied to the S&P 500 and Dow Jones Industrial Average fell 1%, however, fell due to the occurrence.
The yield on the 10-year U.S. Treasury note fell to 0.661%, after settling at 0.677% in the previous session. Bond yields fall as prices rise.
Speaking about the development and the fundamentals, moving U.S stock futures prices, Stephen Innes, Chief Global Market Strategist at Axi said: “US equities scratched out another gain overnight after recovering from intraday losses as the stalemate persist on fiscal stimulus negotiations.
“House Democrat Leader Pelosi indicated a House vote would proceed despite being “still far apart” from Republicans.
“And that House vote symbolizes the stalemate: without Republican agreement, it has no chance of passing the Senate but gives Democrats a platform for the Presidential election.
“Things remain fluid; we all know what is at stake if this deal does not go through before markets sundown, it is unlikely to be pretty ugly.”
Also speaking about the development Jingyi Pan, a senior market strategist at IG Group said: “It is prime time now for (the) US election.
“Should the President be absent during this period, that could mean even more complications with the election.”
Meanwhile, Mr. Trump and his Democratic rival, former Vice President Joe Biden, are scheduled to hold two more debates ahead of polling day on 3 November.