Premarket: Apple is red. POTUS positive edition

apple premarket red 10-2From Barron’s’ “Global Markets Rattled After President Trump Says He Has Contracted Coronavirus” posted early Friday:

U.S. and European equity futures fell sharply in a risk-averse Friday, with investors rattled by news that President Donald Trump has tested positive for coronavirus just a month ahead of the presidential election.

Dow Jones Industrial Average futures fell over 300 points, or 1%, with similar percentage drops for S&P 500 futures, while Nasdaq-100 futures were down 1.4%. Wall Street stocks wavered on Thursday, with the Dow Industrials closing barely positive and the S&P and Nasdaq Composite rising 0.5% and 1.45% higher, respectively.

The Stoxx Europe 600 fell 1%, with the German DAX dropping 1.3%. Several Asian markets were closed for holidays.

“Tonight, @FLOTUS and I tested positive for Covid-19. We will begin our quarantine and recovery process immediately,” Trump said on Twitter in the early hours of Friday. First lady Melania Trump said that she and the president were ”feeling good.”

My take: Apple tends to bounce back from COVID news better than the broader markets.

UPDATE: With the opening bell minutes away, Apple is getting hit harder than the broader markets.

3 Comments

  1. Gregg Thurman said:
    Ahh gee, that’s terrible news. For the sake of the country I hope AAPL recovers quickly.

    8
    October 2, 2020
  2. Bart Yee said:
    Any external market downdraft that pulls Apple down can be seen as a buying opportunity. Will be interesting to see if volume is higher than the relatively light 135-140M of this week.

    2
    October 2, 2020

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