Dow futures contribute to declines on Thursday as President Trump postpones the idea of postponing the 2020 election due to coronavirus
US stock index futures went down on Thursday, and the market seemed to be increasing its losses after a tweet from President Donald Trump suggesting that the U.S. should postpone the 2020 presidential election, which will take place on November 3 amid the COVID -19 pandemic. The 45th President of the United States tweeted Thursday: “With universal mail-in voting (don’t vote in absence, which is good), 2020 will be the most inaccurate and fraudulent election in history. It will embarrass the US. Postpone elections until people are safe and sound and can vote for sure ??? ” Futures for the Dow Jones Industrial Average YMU20,
decreased by 315 points, or 1.2%, at 26,127, while those for the S&P 500 index ESU20,
fell 1.1% to 3,216, while Nasdaq-100 futures NQU20,
decreased 1.1% to 10,554. Markets trading was already under pressure following economic data that highlighted the impact of the public health crisis on business activity. GDP declined year-on-year by 32.9%, the Commerce department said, slightly better than the 34.6% annual decline in a MarketWatch survey, but still the worst in history. Separately, initial claims for unemployment benefits rose slightly last week, to 1.43 million from an upwardly revised 1.42 million, while persistent claims also rose to 17 million in the week ending July 18. The fall in futures implies that the Dow DJIA,
S&P 500 SPX,
and Nasdaq Composite Index COMP,
will open considerably lower on Thursday. Trump’s tweet is also because he is engaged in a tough battle against presumed former Democratic candidate vice president Joe Biden, who is currently leading national polls against Trump.