The Gilmo Report

October 4, 2020

October 3, 2020 10:04 pm ET

A messy market got a little messier in the wee hours of Friday morning after news that President Trump had tested positive for Covid-19. Speaking for myself, I’ve been surprised, maybe even impressed, by the President’s ability to avoid the virus amid his constant and often large-scale interactions with other human beings. The news algos responded by pummeling the futures, leading to a sharp gap-down open.

The market bottomed right at the open, and as the day wore on a news tug-of-war ensued with various headlines alluding to the possibility or impossibility of a stimulus bill deal getting through Congress taking the lead. The indexes were up, they were down, they were up, and a finally ended down with both the NASDAQ Composite and the S&P 500 Indexes closing below their 50-day moving averages.

 

 

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