Stock market news today: Dow, S&P fall on Trump’s COVID-19 test, tech slump
- US stocks sank on Friday after President Donald Trump and First Lady Melania Trump said they both tested positive for COVID-19.
- The diagnosis adds more uncertainties to the final month of a presidential race already expected to fuel outsize market volatility.
- While some sectors pared losses and swung higher, falling tech stocks dragged on major indexes and led the Nasdaq composite to underperform its peers.
- Investors also faced off against weakening economic data. US businesses added 661,000 nonfarm payrolls in September, according to the Bureau of Labor Statistics. That’s less than economists’ expectation of 859,000 payrolls.
- Oil futures continued to slide below the $40 support level. West Texas Intermediate crude dropped as much as 5.4%, to $36.63 per barrel.
- Watch major indexes update live here.
US equities tumbled on Friday after President Donald Trump and First Lady Melania Trump announced they both tested positive for COVID-19.
Trump was tested late Thursday night after close aide Hope Hicks tested positive for the virus earlier in the week. The White House physician did not say whether the president was showing symptoms, or how long he had been infected. The diagnosis is poised to halt Trump’s campaign events mere weeks away from the US presidential election.
All three major stock indexes sank in the morning in choppy trading. While some sectors pared most losses through the day, falling tech giants slammed benchmarks and led the Nasdaq composite to underperform its peers. Utility, energy, real estate, and industrial stocks all posted gains.
Here’s where US indexes stood at the 4 p.m. ET market close on Friday:
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The Cboe Volatility index — or VIX, which is commonly referred to as the stock market’s fear gauge —