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Stocks rebound as Trump responds to COVID-19 treatment

How does President Trump’s coronavirus diagnosis affect the economy?

Yardeni Research President Edward Yardeni and Cornerstone Macro Co-Founder Nancy Lazar discuss what effect the president’s health problems have on the economy

Stock futures rebounded on Monday, as President Donald Trump appeared to respond positively to the treatments his doctors are giving him for COVID-19.

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Stock Futures Rebound

Dow Jones futures were up 173 points, a gain of 0.6%, while NASDAQ Composite and S&P 500 futures were up 1% and 0.6%, respectively. This follows a sharp selloff on Friday.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 27682.81 -134.09 -0.48%
I:COMP NASDAQ COMPOSITE INDEX 11075.0163 -251.49 -2.22%
SP500 S&P 500 3348.44 -32.36 -0.96%

Trump's medical team, which is using a number of different drugs, including Gilead Science Inc.'s Remdesivir, a cocktail from Regeneron Pharmaceuticals Inc. and the steroid dexamethasone, said he could be released from the hospital as soon as today.

Ticker Security Last Change Change %
GILD GILEAD SCIENCES INC. 62.17 -1.15 -1.82%
REGN REGENERON PHARMACEUTICALS INC. 564.80 -3.34 -0.59%

TRUMP'S POSITIVE COVID-19 TEST GIVES STOCKS WILD RIDE

Trump, 74, began tweeting Monday morning, highlighting the stock market.

This followed several videos released over the weekend. Trump also took a short ride from Walter Reed Medical Center in an SUV to thank his supporters, on Sunday afternoon, and tweeted "next year will be the best ever."

Investors may also be positive on an additional round of economic stimulus after Politico reported that Speaker of the House Nancy Pelosi and Secretary of the Treasury Steven Mnuchin met with Federal Reserve Chairman Jerome Powell to discuss additional plans for further government spending.

On Saturday, Trump tweeted that lawmakers should "work together" to pass an additional stimulus package.

European markets were responding positively as well, with the European STOXX 600 up 0.7%, while the German DAX, French CAC 40 and U.K.'s FTSE 100 all rose approximately 0.6%.

At 10 a.m., the ISM Non-Manufacturing Index for September will be released. Economists are looking for a reading of 55.6. A level above 50 is considered to reflect expansion.

Ticker Security Last Change Change %
BMY BRISTOL-MYERS SQUIBB CO. 58.72 -1.10 -1.84%
MYOK MYOKARDIA INC 139.60 -0.51 -0.36%

Bristol-Meyers Squibb Co. announced its intention to acquire MyoKardia for $13.1 billion, or $225 a share, in cash, a 62% premium to its Friday closing price.

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Oil futures were rebounding on Monday as well, up more than 4% to $38.55. Gold ticked down slightly to $1,903.80 an ounce, a loss of 0.2%.

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