Dow Jones
Dow Jones futures were 1.4% lower on Friday ahead of Non Farm Payrolls jobs data, whilst markets also react to the news of President Trump’s positive coronavirus test result. The Dow had shed 400 points with two hours to go until the jobs data release.
The U.S. President and the First Lady have both tested positive for the virus after close White House Aide Hope Hicks was also diagnosed. The President will now self-isolate Air Force One and this has markets spooked about the recent stimulus talks and the election race.
Non Farm Payrolls will be released ahead of the U.S. session with an expectation of 850k jobs added. The above consensus numbers from ADP employment and jobless claims this week were a positive sign for the NFP numbers, but markets will likely focus on the news regarding the President.
House Democrats had just passed a vote on their $2.2 trillion stimulus package, which cast doubt on the idea that a compromise deal would be agreed with Republicans. The Trump news now risks stalling the stimulus deal if other lawmakers are forced to self-isolate.
Dow futures are off nearly 1% and are flirting with the support levels near 27,600. This will be the key level for the day. The 50-day moving average is also aligning so it is doubly important. The 26,500 level would be the obstacle to lower prices near 26k. The ATFX Q4 Market Outlook is now available for free download here.
