Experts React To Trump's Coronavirus Diagnosis And Its Impact On The Stock Market

Experts React To Trump's Coronavirus Diagnosis And Its Impact On The Stock Market

Markets traded lower on Friday after U.S. President Donald Trump tested positive for the coronavirus just one month ahead of the November election.

Trump and First Lady Melania Trump both tested positive shortly after top Trump aide Hope Hicks tested positive. Trump’s diagnosis comes just three days after his first debate with Democratic nominee Joe Biden. Early reports suggest Trump is experiencing “mild symptoms” but is in “good spirits.

Trump is 74 years old and overweight, placing him in two high-risk demographics.

Several analysts and market experts have weighed in on the impact Trump’s positive test could have on the market.

See Also: US GDP Drops 31.4% In Q2, But Economists Expect Record Recovery

No Market Panic: Joseph Brusuelas, Chief Economist at RSM US LLP, said the initial market reaction suggests there is not a large-scale flight to safety asset classes on Friday.

“Rather, the initial knee-jerk reaction may stimulate volatility in equity and FX markets that is likely to subside in the coming days,” Brusuelas wrote.

The Barclays iPath Series B S&P 500 VIX Short-Term Futures ETN VXX traded higher by 4% on Friday.

Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance, said Trump’s diagnosis overshadowed news that the U.S. unemployment rate has dropped below 8%.

“To the extent that government functions as normal, markets will be concerned, but not necessarily panic, however, this incident highlights how Covid-19 continues to be a threat to the economy and markets,” Zaccarelli said.

Peter Essele, Head of Portfolio Management for Commonwealth Financial Network, said it's reasonable to assume markets will be shaky in October given all the uncertainty surrounding the election and the pandemic.

“Investors should remain vigilant and consider some type of portfolio protection, as there remains a very real possibility that the market’s gains over the previous two quarters will steadily erode in the months ahead as we close out a year that many would like to forget,” Essele said.

Potential Silver Linings: Jamie Cox, Managing Partner for Harris Financial Group, said a positive test from Trump is not nearly as devastating for the market as it would have been back in March.

“Markets could have some unexpected reactions as this could break the log jam in current stimulus negotiations,” Cox said.

Bloomberg senior editor John Authers said Trump’s diagnosis may go a long way in convincing Americans who believed the coronavirus pandemic was a hoax.

“Negative news for the economy, because the chances of a significant relaxation in lockdown provisions.. have just been sharply reduced,” Authers said.

Jeff Buchbinder, Equity Strategist for LPL Financial, said defensive assets such as gold, the yen and Treasury bonds have been surprisingly calm in Friday morning trading.

“Markets appear to be increasingly pricing Joe Biden in as the favorite, and this news may not change that, but Trump could gain support from a quick recovery as UK Prime Minister Boris Johnson did during his battle with COVID-19,” Buchbinder said.

Benzinga’s Take: A positive test for President Trump is obviously bad news for the stock market and for every American. However, the market’s muted reaction likely has a lot to do with the timing of the diagnosis given the nation was already just a month away from a potential transfer of power.

President Donald Trump gestures after signing an Executive Order protecting insurance for people with pre-existing medical conditions on Sept. 24, 2020, following his address on the America-First Healthcare Plan at the Duke Energy Hangar in Charlotte, N.C. (Official White House Photo by Shealah Craighead)

Posted In: BloombergChris ZaccarelliCommonwealth Financial NetworkCoronavirusDonald TrumpHarris Financial GroupIndependent Advisor AllianceJamie CoxJeff BuchbinderJohn AuthersJoseph BrusuelasLPL FinancialPeter EsseleRSM US LLPAnalyst ColorNewsFuturesPoliticsTop StoriesMarketsAnalyst RatingsGeneral

11 Best Black Friday Deals on Amazon

11 Best Black Friday Deals on Amazon

The best Black Friday deals from Amazon are still coming hard and fast because the holiday is not yet upon us and the mega-retailer prefers to keep consumers on the hook for as long as possible—spending as much money as possible. 

To that end, here are some of the best Black Friday deals from Amazon that you might want to consider today.

Calphalon 10-Piece Pots and Pans Set

Regular Price: $172

Sale Price: $138.88

Calphalon’s 10-Piece Pots and Pans Set is designed with stainless steel, stay-cool handles along with pour spouts. The nonstick surface is PFOA-free and built with hard-anodized aluminum that is both durable and conducts heat extremely well. The set includes 2 fry pans, a sauce pan with cover, saute pan with cover and large stock pot with cover.

Apple AirPods 2nd Generation

Regular Price: $144

Sale Price: $85.49

The 2nd Generation AirPods from Apple connect to all Apple devices and give you an enhanced listening experience. Plus, they come with a case that keeps them safe and allows you to charge them in a secure environment. With over 24 hours of battery life, access to Siri and easy setup, you can start listening to your favorite tunes or podcasts today.

Adidas Ultraboost 21 Running Shoes

Regular Price: $129.98

Sale Price: $89.98

The Adidas Women’s Ultraboost 21 running shoe is perfect for anyone who likes a short run, maybe a 5K, half marathon or more. Coming in several colors and styles, you can slip these shoes on, enjoy the cushioned outsole, sink into the supple insole and secure laces.

Ninja AF101 Air Fryer

Regular Price: $129.99

Sale Price: $97.83

The Ninja AF101 Air Fryer allows you to crisp, roast, reheat and even dehydrate food products faster and cheaper than ever before. It has a 4-quart capacity and offers a wide temperature range along with several time settings so that you can customize each dish to your needs. Plus, all the parts are dishwasher safe.

Beats Solo3 Wireless On-Ear Headphones

Regular Price: $199.95

Sale Price: $99

Beats by Dr. Dre are among the best headphones on the market, and the Solo3 Wireless On-Ear Headphones include the Apple W1 chip, Class 1 Bluetooth and 40 hours of battery time. These headphones even have a built-in microphone and offer an adjustable fit so that you can be comfortable whether you’re listening to an Android or iOS device.

Hoover Power Scrub Deluxe Carpet Cleaner

Regular Price: $198.98

Sale Price: $175.98

The Hoover Power Scrub Deluxe Carpet Cleaner allows you to keep your home spotless and clean up after your pets. The cleaner comes with the Hoover Paws and Claws Deep shampoo and a storage mat to keep the floor dry once it’s put away.

LG CordZero Auto Empty Cordless Stick Vacuum

Regular Price: $999.00

Sale Price: $851.71

The LG CordZero Auto Empty Cordless Stick Vacuum and Wet Mop All in One Tower is designed to work in homes with several pets or children and clean up all the messes that life brings. The battery lasts up to 2 hours, and there’s an extra removable battery that gives you even more cleaning time and power.

Breville Fresh and Furious Blender

Regular Price: $278.60

Sale Price: $199.95

Breville, a top name in blenders and juicers, offers the Fresh and Furious Blender, featuring 50-ounce capacity, Vac Q technology, pre-programmed cycles, LCD display and lid with pull ring. With the Fresh and Furious Blender, you can make everything from a smoothie to a soup and everything in between.

Hot Tools Professional 2000 Turbo Ionic Hair Dryer

Regular Price: $89.99

Sale Price: $55.63

The Hot Tools Professional 2000 Turbo Ionic Hair Dryer is designed for professional use, but it works perfectly in the home. With 1875 watts of power, 6 heat and speed settings and a lightweight design, you can easily style your hair and utilize the diffuser, cut back on the frizz and stretch the 8 ft cord for maximum functionality.

Columbia Heavenly Long Hooded Jacket

Regular Price: $160

Sale Price: $97.38

The Heavenly Long Hooded Jacket from Columbia is designed to be light for everyday use, but it’s heavy enough to protect you from the cold. The plush fleece lining, security pocket, water resistant fabric, 2-way zipper, and zippered hand pockets make the jacket both protective and functional.

ConAir InfinitiPro Hair Dryer

Regular Price: $49.99

Sale Price: $29.99

ConAir is one of the biggest names in hair and beauty, and the InfinitPro is an 1875 watt hair dryer designed for professionals with ceramic technology. The dryer comes with a diffuser and concentrator, and it allows you to blow out your hair just the way they would at the salon.

Deals the Experts Are Hoping For

Experts believe that Amazon’s Black Friday sale could linger for quite some time. It all started with the Prime Early Access sale on October 11 and 12. Previously, Amazon has offered the “Epic Deals” sale that ran through late October. 

This is to say that any sale could come up at any time. 

Even so, those monitoring Amazon are looking forward to a few potential deals, including:

  • Apple Watch
  • AirPods (any generation)
  • MacBook Pro
  • Large, underpriced TVs
  • Amazon Echo
  • More small home appliances (Dyson or Shark vacuums, Instant Pots, etc.) 

While these predictions are based on last year’s Amazon Black Friday Sale, it’s important to remember that most Black Friday sales are fairly consistent and push the products that are most likely to sell.


Featured image sourced from Shutterstock

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