The markets are loving President Trump’s news conference where he rolled out a series of CEOs that are creating 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.