Tesla, Netflix Slammed As Stocks Fall On Weak Jobs Data, Trump Covid Case

📆 10/2/2020 7:28 PM
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Tech stocks failed to recover today after a weak jobs report and President Trump testing positive for Covid-19

The announcement that President Donald Trump tested positive for coronavirus triggered a sell-off in early morning trading around the world on Friday that tapered off by day’s end. Tech stocks, however, failed to recover, as Wall Street investors prepare for increased volatility in the weeks leading up to the election.The tech-heavy Nasdaq ended the day down 251 points, or 2.2%, while the Dow Jones Industrial Average shed 134 points, or 0.5%, and the S&P 500 fell 1%.

Tech stocks were among Friday’s biggest losers, with Tesla and Netflix falling 7% and 5%, respectively, while Apple and Microsoft were each down 3%. Cboe's VIX Index, which measures volatility expectations based on options contracts, at one point jumped up more than 7%, reaching its highest point since early September, when tech stocks corrected and the Nasdaq had its fastest 10% plunge in history.

U.S. airline stocks proved a bright spot in the Friday market after House Speaker Nancy Pelosi said lawmakers wereThe S&P 500 Airlines Industry Index ended the day up 2.3%.in September, about 25% less than the 859,000 new jobs economists were forecasting and less than half of the nearly 1.5 million jobs the economy added back in August.

The unemployment rate of 7.9% was better than the forecast of 8.2%, but it's still far below the 3.5% unemployment rate in February–before governments shut down businesses after a domestic spike in coronavirus cases.President Donald Trump announced in a tweet shortly after midnight on Friday that he and First Lady Melania had tested positive for Covid-19, adding that they'd begin quarantining"immediately.

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Trump should have diedxd

But utility stocks did great.

Surprised stocks didn't go up more today, now that we have the potential of stable Presidential leadership this fall instead of having to wait until January 20th.

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