March 3, 2021

Business Information

Futures Shoot Higher as Trump Health Monitored

2 min read
Stock futures rose early Monday as investors braced for another volatile week with President Donald...

Stock futures rose early Monday as investors braced for another volatile week with President Donald Trump’s hospitalization adding more uncertainty to the market outlook ahead of Election Day.

Futures for the Dow Jones Industrials zoomed 206 points, or 0.8%, to 27,771.

Futures for the S&P 500 gained 22.75 points, or 0.7%, to 3,362.

Futures for the NASDAQ Composite hiked 95 points, or 0.9%, to 11,328.25.

Trump, who is hospitalized with the coronavirus, said in a minute-long video posted on Twitter late Sunday that “we are getting great reports from the doctors.” The president also took a short, last-minute motorcade ride to wave to his supporters standing outside the hospital.

Still, the president doesn’t seem to be out of the woods yet after his doctors said they had begun treating him with dexamethasone, a steroid recommended for severe cases of COVID-19.

The president was said to have experienced two drops in his oxygen levels since his diagnosis announcement just before 1 a.m. ET on Friday.

He was transferred to the Walter Reed National Military Medical Center on Friday after he was given the antiviral drug remdesivir. Trump’s physician, Dr. Sean Conley, said Sunday that his condition has improved and the president may be discharged as soon as Monday.

After Trump’s diagnosis, former Vice President Joe Biden opened his widest lead in a month in the presidential race with 51% of those polled backing him and 41% saying they would vote for Trump, according to a Reuters/Ipsos poll released on Sunday from October 2-3.

A win for the former vice president in November could spell headaches for Wall Street in the form of higher taxes and tighter regulations, but some also say it could lead to a bigger fiscal stimulus deal that would be good for stocks.

Overseas, in Japan, the Nikkei 225 soared 1.2%, while in Hong Kong, markets returned from holiday. The Hang Seng jumped 1.3%.

Oil prices improved $1.66 to $38.71 U.S. a barrel.

Gold prices were unchanged at $1,907.60.

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