Dow Jones futures rose during overnight trade as investors monitor Trump's health

Dow Jones futures rose during overnight trade as investors monitor Trump's health
Stock futures rose early in early morning trade on Monday as investors prepare for another choppy week as President Donald Trump is hospitalized, adding more uncertainty to market expectations ahead of Election Day.

Futures on the Dow Jones Industrial Average rose more than 160 points. Both the S&P 500 and Nasdaq 100 futures traded in positive territory.

"We're getting great reports from the doctors," Trump said in a minute-long video posted on Twitter late Sunday. The president also made a short trip in a last-minute parade to wave to his supporters standing outside the hospital.

However, Trump doesn't seem to be out of the woods after his doctors said they started treatment with dexamethasone, the recommended steroid for severe cases of Covid-19. The president has been said to have experienced two drops in his oxygen levels since announcing his diagnosis just before 1 am ET on Friday.

Trump was taken to Walter Reed National Military Medical Center on Friday after being given the anti-virus drug remdesivir. Trump's physician, Dr. Sean Connelly, said on Sunday that his condition has improved and he may be discharged from hospital as soon as Monday.

"This announcement added another level of uncertainty to the election ... an election that in itself is one of the many uncertainties surrounding the stock market," Matt Malle, chief market strategist at Miller Tabak, said in a note on Sunday.

After Trump was diagnosed, Joe Biden made his biggest lead in a month in the presidential race with 51% of respondents supporting him and 41% voting for Trump, according to a Reuters / Ipsos poll on Sunday.

The former vice president's victory in November could lead to Wall Street troubles in the form of higher taxes and tighter regulations, but some also say it could trigger a bigger fiscal stimulus package that will benefit stocks.

'get it done'

Trump's illness, along with the weak jobs report in September, highlighted the urgent need for more stimulus from the coronavirus after months of deadlock in Washington. Optimism for a compromise increased after House Speaker Nancy Pelosi indicated progress on Friday, saying "we are continuing to work on the text to move quickly to facilitate an agreement."

Pelosi called on industry Friday to postpone the holidays, saying relief to airline workers was "imminent."

On Saturday, Trump pressed Congress to pass the deal, saying in a tweet on Twitter that lawmakers should "work together and get it done."

The president's case also confirmed the seriousness of the epidemic that is still ravaging the major countries and cities in the country. New York City Mayor Bill de Blasio announced on Sunday that nine Zipcodes in Brooklyn and Queens will likely close on Wednesday due to the recent spike in new cases.

Despite the shocking news of Trump, all major averages made modest gains last week. The S&P 500 rose 1.5% in its first positive week in five.

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