The Dollar Tests Key Supports and Pauses

Overview: Market moves have stalled. The MSCI Asia Pacific Index did manage to extend Monday’s gains, but other markets are heavier. Europe’s Dow Jones Stoxx 600 is snapping a three-day advance. The communications sector is the sole standout, though financials and energy are little changed. Most sectors are lower. US shares are also paring yesterday’s gain. The sell-off in US Treasuries, the most in a month, stopped, and the US 10-year yield is a couple of basis points lower near 0.76%. European benchmark yields are slightly lower, while the yields in the Asia Pacific played catch-up after the US yields rose eight basis points. The dollar initially extended its loss but recovered after several key chart points were tested, including $1.18 in the euro, $1.30 in sterling, and $0.7200 in the Australian dollar. While some Asian emerging market currencies are firmer, the freely accessible liquid currencies, like those of Russia,

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Donald Trump’s Personal ‘Body Man’ Tests Positive for COVID

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Trump’s Personal Assistant Tests Positive for COVID-19

One of Donald Trump’s aides has also tested positive for COVID-19.

It was confirmed that Nicholas Luna caught the virus a little more than 24 hours after Trump was hospitalized at the Walter Reed National Military Medical Center, Bloomberg reports. As one of Trump’s “body men,” Luna runs Oval Office operations for the White House, handles Trump’s papers and speech texts, and accompanies Trump on his trips—like to the debate in Cleveland—putting Luna on board Air Force One during the Minnesota trip where advisor Hope Hicks was first showing symptoms.

Trump and the first lady announced on Friday that they had tested positive for the virus, and now, it’s been confirmed that a total of 15 people have caught COVID: Trump, Melania Trump, and Hicks; Trump’s campaign manager Bill Stepien; the Republican National Committee Chairwoman Ronna McDaniel; Utah Sen. Mike Lee, North Carolina Sen. Thom Tillis, Wisconsin Sen. Ron Johnson;

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Trump’s personal assistant tests positive for coronavirus

Nick Luna, one of President TrumpDonald John TrumpJaime Harrison debates Graham behind plexiglass shield Doctors, White House staff offer conflicting messages on president’s health Trump given second dose of Remdesivir ‘without complication’, ‘not yet out of the woods’, Conley says MORE’s personal assistants, is the latest White house aide to receive a positive coronavirus diagnosis, Bloomberg reports.

The new outlet noted that Luna works closely with Trump and serves as one of the president’s “body men.”

The Hill has reached out to the White House for comment on the aide’s reported diagnosis, which comes several days after Trump and first lady Melania TrumpMelania TrumpJaime Harrison debates Graham behind plexiglass shield Doctors, White House staff offer conflicting messages on president’s health Trump given second dose of Remdesivir ‘without complication’, ‘not yet out of the woods’, Conley says MORE were confirmed to have tested positive for coronavirus.

The first

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Wall Street closes sharply lower as Trump tests positive for coronavirus

By Stephen Culp

NEW YORK (Reuters) – U.S. stocks closed lower on Friday as news that U.S. President Donald Trump tested positive for COVID-19 put investors in a risk-off mood and added to mounting uncertainties surrounding the looming election.

Tech shares weighed heaviest on the indexes, but the blue-chip Dow’s losses were mitigated by gains in economically sensitive cyclical stocks.

Despite Friday’s sell-off, the S&P and the Nasdaq both gained 1.5% on the week, while the Dow ended the session 1.9% higher than last Friday’s close.

Trump tweeted late Thursday that he had contracted the coronavirus and would be placed under quarantine, compounding the unknowns for an already volatile market.

But stocks pared losses after the White House provided assurances that Trump, while experiencing mild symptoms, is not incapacitated.

“This injects further uncertainty into the outcome of the election,” said Roberto Perli, head of global policy research at Cornerstone Macro

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Stocks Finish Lower as Trump Tests Positive for Covid-19

Stocks ended lower Friday after President Donald Trump said he tested positive for the coronavirus and the U.S. added fewer jobs in September than forecast.

The Dow Jones Industrial Average, which had tumbled on the news, ended down 134 points, or 0.48%, at 27,682, the S&P 500 declined 0.96% and the Nasdaq slumped 2.22%.

But the stock market finished the week higher: The Dow rose by 1.9%, and the S&P 500 and the Nasdaq each gained 1.5%.

Airline stocks climbed after House Speaker Nancy Pelosi she was willing to pass a stand-alone Covid-19 airline-relief bill and asked the airlines to delay job cuts that started this week. 

United Airlines  (UAL) – Get Report, Delta Airlines  (DAL) – Get Report, and Southwest Airlines  (LUV) – Get Report all finished higher.

Tech stocks got hammered during the session, with Netflix  (NFLX) –

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Banks, investors pivot towards Biden win after Trump tests positive for COVID

By Friday, they were quickly shifting gears on the basis that Trump’s positive result would deal a blow to his campaign and lessen the overall chances of a contested election outcome.

“Trump contracting the coronavirus will elevate institutional money’s preparation for a Democratic White House and all the tax, trade and budget implications that go along with it,” James McDonald, CEO of Los Angeles-based fund manager Hercules Investments wrote in a note.

“We expect institutional investors to start de-risking portfolios and increasing hedges in preparation for market volatility.”

Oil prices dropped on the news and stocks saw an initial selloff in a volatile morning trading session. L8N2GT1IW

Major banks have been running simulations to ensure they can cope with a spike in market, liquidity and credit risks in case of a contested election or even a constitutional crisis.

One senior capital markets banker said on Friday that their institution

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US stocks slump after Trump tests positive for virus

NEW YORK (AP) — Stocks are pulling lower Friday, as Wall Street’s first reaction to President Donald Trump’s testing positive for the coronavirus was to retrench.

The S&P 500 was down 0.6 percent in morning trading, and a measure of fear among investors was on the rise. But the moves weren’t close to as chaotic as earlier this year, when markets were first selling off on coronavirus fears. Stocks were also paring their earlier losses, with the S&P 500 more than halving its 1.7 percent drop from shortly after trading began.

The Dow Jones Industrial Average was down 116 points, or 0.4 percent , at 27,700, as of 10:07 a.m. Eastern time, after earlier being down 433 points. The Nasdaq composite was 0.9 percent lower.

“To say this potentially could be a big deal is an understatement,” Rabobank said in a commentary. “Anyway, everything now takes a backseat to the

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Crude Drops as Trump Tests Positive for COVID-19

SECTOR COMMENTARY

Energy stocks are set to extend yesterday’s losses, pressured by further declines in the underlying commodities and U.S. stock index futures which tumbled on the news that President Trump and the First Lady tested positive for COVID-19 overnight, sparking renewed fears of the impact of the virus. Adding to the negative sentiment, law makers have still not come to agreements on further fiscal stimulus while the September’s jobs report came in lower than expected, however, unemployment ticked lower.

Oil prices on both sides of the Atlantic are reacting to the news President Trump and the First Lady had tested positive for COVID-19 just 32 days before the election. Market uncertainty arising from that comes after WTI and Brent yesterday were down (3.7%) and (3.2%), respectively on a combination of failed coronavirus relief package talks, rising OPEC+ exports in September and reports more than half of OPEC+ nations required

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Pence tests negative for Covid after Trump’s positive result

U.S. Vice President Mike Pence (R) and his wife Karen Pence join Trump administration officials on stage after President Donald Trump delivered his acceptance speech for the Republican presidential nomination on the South Lawn of the White House August 27, 2020 in Washington, DC.

Chip Somodevilla | Getty Images

Vice President Mike Pence and second lady Karen Pence have tested negative for the coronavirus, Pence’s spokesman said Friday, hours after President Donald Trump announced he and the first lady tested positive.

“Vice President Pence remains in good health and wishes the Trumps well in their recovery,” Devin O’Malley, the vice president’s press secretary, said in a tweet. “As has been routine for months, Vice President Pence is tested for COVID-19 every day.”

The vice president is first in line to the presidency, followed by the speaker of the House, Democrat Nancy Pelosi, and Senate president pro tempore, Republican Sen. Chuck

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