Markets React Cautiously To News Of Trump Testing Positive For COVID-19

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An electronic board displays stock prices near the Tokyo Stock Exchange in Tokyo on Friday. Markets were down somewhat after news that President Trump had tested positive for COVID-19.

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Charly Triballeau/AFP via Getty Images

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Earlier relief payments helped cushion the financial fallout from the pandemic, but much of that aid has now expired. A report from the Commerce Department on Thursday showed that personal income fell in August. Modest wage gains were more than offset by a deep drop in unemployment benefits.

The Labor Department issues a closely watched jobs report at 8:30 a.m. ET on Friday. It’s the last snapshot of the U.S. labor market before the November election. Job gains slowed in July and August, so investors will be watching for any further decline. So far, the economy has recovered about half the 22 million jobs that were lost in March and April.

The president’s positive coronavirus test is the latest twist in what has been a pandemic roller coaster for financial markets. Stocks fell sharply in the spring as the virus spread across the globe. But U.S. markets then mounted a remarkable comeback. Thanks to a surge in big technology shares, both the S&P 500 and the Nasdaq indexes hit new highs in early September.

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