The markets are loving President Trump’s news conference where he rolled out a series of CEOs that are creating the coronavirus response. This comes, as reported by Kayla Tausche, that CEOs will help the economy return to normal if Trump can handle the Coronavirus response.
At the time the press conference started the market was up 4% on the day, and it ended at up 9% on the day.
Here is a concise timeline:
- Press conference starts: 4.2%
- +2 mins Trump’s remarks: 3.6%
- +3 mins Trump’s remarks: 2.3%
- +13 mins CDC head speaks: 4.8%
- +16 mins CEOs speak: 5.3%
- +16 mins CEOs speak: 6.4%
- +27 mins Pence speaks: 7.1%
- Trump speaks: 9%
Three minutes into the President’s speech the markets tumbled to 2.3% up on the day, representing a decline.
As the CDC head presented the testing framework for the country the markets responded, increasing to 4.8% up on the day.
As the various heads of businesses presented the rollout plan markets continued to increase. When the head of Walgreen’s was speaking the market increased to 5.3% up on the day
By the time Labcorp CEO spoke about their involvement in the coronavirus response the markets were up to 6.3% on the day.
When Pence started talking about the overall recap markets were up 7.0% on the day.
The market spiked to 9%, and then as Trump wrapped up the press conference and market closes at 1pm PT / 4pm ET.
You can keep tabs on the DJIA on Markets Insider.
This tells me the following about the quickly moving coronavirus response in the US.
- The markets like seeing Fortune 500 companies leading the response at this uncertain time.
- The markets see some silver lining that with American ingenuity and courage we can find a way through this.
- We now have some leadership in the response, including a decision making framework for how to help people understand whether they have coronavirus, and a way for people to quickly get tested at centers that are easily accessible to them, including: Walmarts, Walgreens, and CVS locations.