Trump’s positive COVID-19 test gives stocks wild ride

The U.S. unemployment dropped to 7.9%

U.S. stocks had a wild ride as investors digested President Donald Trump's disclosure that he tested positive for COVID-19, along with the September jobs report which showed some progress in the ongoing economic recovery.

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As volatility spiked, the Dow Jones Industrial Average, turned positive briefly, before closing down over 134 points or 0.48%. Caterpillar and McDonald's helping limit losses.

KUDLOW, MNUCHIN & ROSS TEST NEGATIVE FOR COVID-19

Trump's top advisors Larry Kudlow, Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross all tested negative for COVID helping stem the morning market panic.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES28200.97-9.85-0.03%
MCDMCDONALD'S CORP.227.79-0.30-0.13%
CATCATERPILLAR INC.168.64+1.19+0.71%

The Nasdaq Composite took a harder hit falling 2.2% as Apple Inc. and Microsoft Inc. fell.

TickerSecurityLastChangeChange %
I:COMPNASDAQ COMPOSITE INDEX11449.711304-34.98-0.30%
AAPLAPPLE INC.115.58-1.29-1.10%
MSFTMICROSOFT CORP.213.36-1.44-0.67%

Tech was also the biggest headwind for the S&P 500 along with consumer discretionary stocks.

TickerSecurityLastChangeChange %
SP500S&P 5003435.1-0.46-0.01%
XSWSPDR SERIES TRUST S&P COMPUTER SOFTWARE ETF125.22-0.56-0.45%
VCRVANGUARD WORLD FDS CONSUMER DISCRETIONARY ETF242.46-0.68-0.28%

Stimulus talks remained front-and-center as Speaker of the House Nancy Pelosi, D-Calif., said in an interview on Friday that a deal to aid the embattled airlines was "imminent." Shares of Delta Airlines Inc., United Airlines Holdings Inc. and American Airlines Gourp Inc. rallied.

TickerSecurityLastChangeChange %
DALDELTA AIR LINES INC.32.81+1.30+4.13%
UALUNITED AIRLINES HLDG.36.44+0.90+2.53%
AALAMERICAN AIRLINES GROUP INC.12.77+0.03+0.20%

JOB GROWTH SLOWS, UNEMPLOYMENT RATE DROPS 

In economic news, the September nonfarm payroll report showed the addition of 661,000 jobs, falling short of the 800,000 estimate, that's down from the 1.37 million jobs that were added in August,

The unemployment rate ticked down to 7.9%, compared to 8.4% previously.

Private payrolls added 877,000 jobs, while the government shed 216,000 jobs. August's jobs report was revised higher, as the economy added 1.489 million jobs, up from a prior reading of 1.371 million.

The average workweek ticked up to 34.7 hours, while average hourly earnings rose 0.1%. The Labor force participation rate fell to 61.4% in September, down from 61.7%.

TickerSecurityLastChangeChange %
USOUNITED STATES OIL FUND L.P.28.68+0.60+2.14%
GLDSPDR GOLD SHARES TRUST - EUR ACC178.49-2.17-1.20%

Looking at other asset classes, West Texas Intermediate crude oil fell $1.67 to $30.77 per barrel and the U.S. Dollar Index ticked higher. Gold gained $42.40 to $1,900 an ounce.

Durable goods for August came in slightly higher-than-expected, at a reading of 0.5%, compared to 0.4% previously.

The final reading for the University of Michigan consumer sentiment in September was also higher-than-expected, at a reading of 80.4 compared to the 79 that was expected.

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TickerSecurityLastChangeChange %
GMGENERAL MOTORS COMPANY36.67+0.90+2.51%
NKLANIKOLA CORPORATION22.41+0.17+0.76%

On the corporate front, General Motors Co. is considering boosting its stake in Nikola Corp., Bloomberg reported.

Last month, GM and Nikola agreed to a deal that would see the Detroit automaker take an 11% stake in the electric-truck maker, while also supplying fuel-cell technology and building a new battery for its Badger electric truck.

Since then, shares of Nikola have declined over allegations it made false statements about its technology and its founder, Trevor Milton, has been accused of sexual harassment. Milton has since resigned.

TickerSecurityLastChangeChange %
AMZNAMAZON.COM INC.3,148.39-36.55-1.15%

Amazon.com Inc. said late Thursday that nearly 20,000 of its workers had tested positive for COVID-19 in six months.

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TickerSecurityLastChangeChange %
TWLOTWILIO INC293.23-5.45-1.83%

Shares of Twilio Inc. were surging more than 7% after the cloud communications provider forecast in a filing that it would generate more third-quarter revenue than the $401 million to $406 million it predicted in August.

TickerSecurityLastChangeChange %
TSLATESLA INC.431.95+9.31+2.20%

Tesla Inc. announced on Friday it delivered 139,300 vehicles in the third-quarter, while producing slightly more than 145,000. Wall Street analysts surveyed by FactSet expected the Elon Musk-led automaker to deliver 137,000 vehicles in the period.

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