Joseph R. Biden’s sympathy for a COVID-stricken President Trump is apparently over.

Mr. Biden on Friday condemned Mr. Trump for “reckless” personal conduct after the president’s diagnosis, a week after Mr. Biden’s campaign said they were temporarily suspending negative ads in light of Mr. Trump’s testing positive for the coronavirus.

“His reckless personal conduct since his diagnosis, the destabilizing effect it’s having in our government is unconscionable,” Mr. Biden said while campaigning in Nevada.

“He didn’t take the necessary precautions to protect himself or others,” said Mr. Biden, the Democratic presidential nominee. “And the longer Donald Trump is president, the more reckless he gets. How can we trust him to protect this country?”

Mr. Trump was hospitalized from last Friday until Monday after testing positive.

The president took a short drive on Sunday to wave to supporters outside of Walter Reed National Military Medical Center.

The president has also been to the Oval Office since returning to the White House on Monday.

Mr. Trump is planning an in-person event at the White House on Saturday and a campaign trip to Florida on Monday.

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By Kristina Hooper, Chief Global Market Strategist

Weekly Market Compass: We explore the impact of three key events on markets and the economy

Last week’s news cycle was relentless. Tuesday’s chaotic US presidential debate dominated headlines for a few days – until Friday, when President Donald Trump announced that he and the first lady tested positive for COVID-19. Amidst all of this, a disappointing US jobs report flew mostly under the radar. This week, I explore these three issues in terms of economic and market implications.

The debate

In my view, the first presidential debate was unruly and stressful, to say the least. I’m not sure I’ve heard three human beings talk over each other so much since my three kids were all under the age of five. I had a list of issues that I hoped to hear about during the event. But unfortunately, very little in the way of substantive issues were discussed.

The impact on markets. In my view, the key takeaway from the debate is that there is a greater likelihood of a contested election as President Trump appears set on challenging the election if Joe Biden is declared the winner. Fear has also increased about the potential for civil unrest on the day of the election or afterwards if it is contested. As I mentioned in my blog last week, a contested election would most likely cause market volatility – however, I believe it would be short-term in nature. While Trump talks about the possibility of years and years of litigation, the reality is that the next president will be known by inauguration day 2021 regardless of any litigation. Therefore, I expect any bouts of market volatility to be rather irrelevant to those investors with long-time horizons. In addition, I believe monetary policy is more

News that President Donald Trump has been infected with a virus that’s killed more than 200,000 of his fellow Americans has further unsettled investors and business leaders who were already on edge ahead of the November election.



Donald Trump standing in front of a television screen: A man wearing a face mask walks near a TV screen reporting about U.S. President Donald Trump and first lady Melania Trump during a news program with a file image of Trump at the Seoul Railway Station in Seoul, South Korea, Friday, Oct. 2, 2020. Trump said early Friday that he and Melania Trump have tested positive for the coronavirus, a stunning announcement that plunges the country deeper into uncertainty just a month before the presidential election. The Korean letters read: "President Donald Trump and first lady Melania Trump tested positive for COVID-19." (AP Photo/Lee Jin-man)


© Lee Jin-man/AP
A man wearing a face mask walks near a TV screen reporting about U.S. President Donald Trump and first lady Melania Trump during a news program with a file image of Trump at the Seoul Railway Station in Seoul, South Korea, Friday, Oct. 2, 2020. Trump said early Friday that he and Melania Trump have tested positive for the coronavirus, a stunning announcement that plunges the country deeper into uncertainty just a month before the presidential election. The Korean letters read: “President Donald Trump and first lady Melania Trump tested positive for COVID-19.” (AP Photo/Lee Jin-man)

It’s a truism that investors hate uncertainty. But this year had been unusually chaotic, even before the leader of the world’s largest economy and his wife tested positive for Covid-19. The diagnosis deals a new psychological blow to a recovery that was already losing steam. Lack of certainty could be just as damaging economically as anything else this year.

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The data: An index published by the Federal Reserve Bank of St. Louis that tracks economic policy uncertainty spiked to record highs in May as the pandemic rampaged across the United States. The index, which is based on newspaper stories that discuss uncertainty, changes to the tax code and disagreement among forecasters, has been elevated for most of the year. Not even the global financial crisis produced as much uncertainty.

“Every uncertainty measure we consider rose sharply in the wake of the Covid-19 pandemic. Most measures reached all-time peaks,” the group of economists who created the index wrote in a working paper published

News that President Donald Trump has been infected with a virus that’s killed more than 200,000 of his fellow Americans has further unsettled investors and business leaders who were already on edge ahead of the November election.



Donald Trump standing in front of a television screen: A man wearing a face mask walks near a TV screen reporting about U.S. President Donald Trump and first lady Melania Trump during a news program with a file image of Trump at the Seoul Railway Station in Seoul, South Korea, Friday, Oct. 2, 2020. Trump said early Friday that he and Melania Trump have tested positive for the coronavirus, a stunning announcement that plunges the country deeper into uncertainty just a month before the presidential election. The Korean letters read: "President Donald Trump and first lady Melania Trump tested positive for COVID-19." (AP Photo/Lee Jin-man)


© Lee Jin-man/AP
A man wearing a face mask walks near a TV screen reporting about U.S. President Donald Trump and first lady Melania Trump during a news program with a file image of Trump at the Seoul Railway Station in Seoul, South Korea, Friday, Oct. 2, 2020. Trump said early Friday that he and Melania Trump have tested positive for the coronavirus, a stunning announcement that plunges the country deeper into uncertainty just a month before the presidential election. The Korean letters read: “President Donald Trump and first lady Melania Trump tested positive for COVID-19.” (AP Photo/Lee Jin-man)

It’s a truism that investors hate uncertainty. But this year had been unusually chaotic, even before the leader of the world’s largest economy and his wife tested positive for Covid-19. The diagnosis deals a new psychological blow to a recovery that was already losing steam. Lack of certainty could be just as damaging economically as anything else this year.

Loading...

Load Error

The data: An index published by the Federal Reserve Bank of St. Louis that tracks economic policy uncertainty spiked to record highs in May as the pandemic rampaged across the United States. The index, which is based on newspaper stories that discuss uncertainty, changes to the tax code and disagreement among forecasters, has been elevated for most of the year. Not even the global financial crisis produced as much uncertainty.

“Every uncertainty measure we consider rose sharply in the wake of the Covid-19 pandemic. Most measures reached all-time peaks,” the group of economists who created the index wrote in a working paper published

Key Takeaways:

  • Market dives ahead of open after president tests positive for coronavirus
  • Payroll growth of 661,000 jobs well short of expectations
  • More data on way after payrolls including sentiment, factory orders

On payrolls report day, we always start this column with a rundown, as it’s one data point that typically sets the tone for the session—if not the coming month.

Not this time. With the bombshell news that the president and first lady tested positive for Covid-19, markets start today on the back foot, with major indices falling sharply in overnight trading. The news adds a new twist to what was already shaping up as a strange and highly uncertain election season, and also raises fears of how far the virus might have spread to people the president has spent time with, including his opponent.

That’s the scenario that might really shake up Wall Street, but there’s no sense putting the cart before the horse. Investors should consider caution at times like these, when volatility rises sharply and uncertainty rules the day. There’s no need to be a hero and be first in or out of a big move, and there’s no need to trade in large increments. One thing this news does do is reinforce how Covid-19 remains the number one story affecting the markets, and that’s not likely to change anytime soon even with the election looming.

Before the opening bell, sectors taking the biggest hit included airlines and other travel and “reopening” types of stocks as shutdown fears rose in the wake of the presidential news. Tech also took a step back. However, payrolls data could have an additional impact on trading.

Payrolls Data Mostly Fail to Impress

The pre-opening slump from today’s biggest news story didn’t appear likely to get much