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The tweet that brought down world financial markets and certainty of the elections

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The tweet that shook the world Market

US stock futures, along with global markets, fell sharply on Friday after President Donald Trump tweeted that he had tested positive for the coronavirus just one month before Election Day. While Trump announced that he and his wife would begin quarantine immediately, this puts the upcoming debates and the overall election campaigning into uncertainty.  

“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!” 

Reports suggest that the President got infected from Hope Hicks, his top adviser, who has also taken ill from the virus that has now affected more than 7 million Americans. 

The stimulus talks play its part. 

This incident comes amidst congressional lawmakers passing a $2.2 trillion coronavirus stimulus bill. There are 661,000 additional job positions last month, according to the Labor Department’s September job reports, which is below Wall Street’s expectations. It only means that recovery slows down, thus affirming the need for a new stimulus bill’s urgent enactment ahead of Election Day. Still, there has been no further development in recent weeks. 

Dow (INDU) futures were down 445 points, or 1.6%, translating to a lower move after Trump tweeted his condition. S&P 500 (SPX) futures were down 1.7%, and Nasdaq (COMP) futures were down 2.3%. The President’s situation is an unsettling moment that caused so much uncertainty about the US administration’s election campaign. 

Meanwhile, Tesla (TSLA) was never spared during the red day as it fell before the open after reporting third-quarter deliveries. 

Effects on the global market 

Stocks in the Asia Pacific also fell on the news. Japan’s Nikkei 225 (N225) closed down 0.7%, while Australia’s S&P/ASX 200 fell 1.4%. Other markets in the region, including those in Hong Kong, mainland China, and South Korea, are closed for public holidays. European stocks traded lower during the morning, with the FTSE 100 (UKX) dropping 1% in London, while France’s CAC 40 (CAC40) shed 2%, and Germany’s DAX (DAX) declined 1.1%. 

Along with most financial markets around the world, oil futures also fell. US crude futures fell 4.3% to $37.06 per barrel, while the world oil benchmark Brent lost 4.2% to $39.20 per barrel.  

I mostly write tech and science stuff. However, I also explore new headlines, especially if it has high relevance. I keep a keen eye on details to deliver news that satisfies one's query. Publishing since 2010.

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