US stocks rebound slightly from Trump COVID news on potential airline stimulus deal

12:15 pm: Dow makes up some ground on airline news  The DJIA and other US indices were still in the red following President Trump's positive coronavirus test and a jobs report that failed to live up to expectations, but a siliver lining has emerged for traders in the form of a potential deal that would provide relief to airline workers.  After opening 200 points in the red, the Dow was down just 37 points, 0.1% to 27,779.8. The Nasdaq was 173 points lower at 11,152.8, and the S&P 500 was 17 points below even, 0.5%, at 3,363.1. House Speaker Nancy Pelosi called on the industry to shelve furloughs for the time being, calling a deal "imminent," according to CNBC.  Delta AIr Lines Inc (NYSE:DAL), American Airlines Group Inc (NASDAQ:AAL), Southwest Airlines Co and JetBlue Airlines Corporation (NASDAQ:JBLU) all saw stock growth of at least 2%. Trump becoming infected with COVID-19 could also add a greater sense of urgency to get a deal done regarding a broader coronavirus stimulus deal, Pelosi said.  “This kind of changes the dynamic because here they see the reality of what we have been saying all along,” Pelosi said Friday on MSNBC. “I’m optimistic, I’m always optimistic. We always have to find a path, that is our responsibility to do so ... We’ll find our middle ground. We’re legislators. We’ll get the job done.” 11am: Proactive North America headlines: NexTech AR Solutions Corp (CSE:NTAR) (OTCQB:NEXCF) adds Ryerson University professor Dr David Cramb to its board, bringing total number of seats to five Humanigen Inc (NASDAQ:HGEN) gets positive feedback from FDA ahead of emergency use application for coronavirus drug lenzilumab Medallion Resources Ltd (CVE:MDL) (OTCPINK:MLLOF) gets cash boost of C$741,000 from warrant and option exercise in latest quarter Auryn Resourcess Inc (TSE:AUG) (NYSEAMERICAN:AUG) and Eastmain Resources say shareholders back plan to form Fury Gold Mines Co-Diagnostics Inc (NASDAQ:CODX) (FRA:C97) says its Logix Smart kit to be used with saline oral rinse COVID-19 RT-PCR test American Manganese Inc (CVE:AMY) (OTCMKT:AMYZF) welcomes President Trump's executive order to protect domestic mining industry HIRE Technologies Inc (CVE:HIRE) is reinventing the recruitment process using a technology-driven approach to human resources 9:45 am: Dow starts 200 points down on Trump COVID news, underwhelming jobs report.  The DJIA started the day 206 points, 0.7%, lower after the bombshell news overnight that President Trump and First Lady Melania Trump both tested positive for the coronavirus.  The Nasdaq fell 139 points to 11,188.2, and the S&P 500 shed 33 points, 0.9%, to 3,349.5. Adding to the selloff is a jobs report that fell short of expectations. Nonfarm payrolls rose by 661,000 in September, lower than the 800,000 Dow Jones estimate. The unemployment rate delivered better news, clocking in at 7.9% compared to the 8.2% estimate.  Airlines and cruise companies were among the biggest laggards. Boeing Co (NYSE:BA) dropped 1.9% to $164.55 and Norwegian Cruise Line Holdings Ltd (NCLH:NYSE) declined 3.5% to $16.73. 7:45 am: Futures down after President Trump tests positive for the coronavirus The US president testing positive for coronavirus (COVID-19) seems to have sent stock markets tumbling this Friday. In pre-market trade, the Dow Jones Industrial Average is off 378 points, or 1.37%, while the tech heavy Nasdaq is down over 242, or 2.10%. Futures for the broader based S&P500 are down nearly 50 points. It also comes ahead of this afternoon’s release of jobs figures for September. "This morning it was revealed that US President Trump and the first lady tested positive for COVID-19. He stated that he will go into quarantine. The big question is how ill he will become and to what extent it will affect his campaigning efforts for the US presidential election,” said Nordic investment bank, Danske bank. "Another question is whether other members of his administration have been infected. The uncertainty is hurting risk sentiment,” the bank added. Rupert Thompson, the chief investment officer at asset management firm, Kingswood, said the presidential infection means that the US election looks even more certain to be a source of volatility for markets over the next month or two. “Following this week’s Presidential debate, the odds seemed to be moving further in Biden’s favour. Now, however, a new wild-card has been thrown into the pot. While the inevitable increased focus on COVID should work in Biden’s favour, Trump could benefit from a sympathy vote,” Thompson said. "The news may also impact the economy with COVID sceptics turning more cautious in their behavior, slowing the recovery. At the same time, it could increase the pressure on Congress to agree a new fiscal stimulus package which, until now, they have failed to do. It was already looking as if markets had entered choppy waters and the latest development just means the waves could be a little larger,” he concluded. Five things to watch for on Friday The big event today is of course the release of the US job creation data (non-farm payrolls) for last month (September). These will be released at 8:30 am EST and analysts expect the number to increase by 894,000 new job, while the unemployment rate is projected to decline to 8.2% from 8.4%. A disappointing jobs number could spark a significant stock market downturn. Also in focus will be the University of Michigan's consumer sentiment index for September is scheduled for release at 10am. Consumer sentiment is estimated to rise slightly to 79.0 in September versus preliminary reading of 78.9. Also on the calendar for release today is data on US motor vehicle sales for September. In the world of the black stuff, the closely watched Baker Hughes North American rig count report for the latest week is scheduled for release this afternoon. The information gives an indication of how healthy the oil E&P (exploration and production) market is, as it shows how many drill rigs are active at the moment. In company news of note, banking giant Goldman Sachs Group Inc (NYSE:GS) has reportedly unveiled plans to acquire the credit card business of automobile titan General Motors Company (NYSE:GM). Goldman Sachs shed 1.81% in future trade. GM shares are down 1.61% in pre-market.