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Illustration: Aïda Amer/Axios

U.S. stocks opened lower on Friday morning, following news early on Friday that President Trump and first lady Melania Trump tested positive for the coronavirus.

By the numbers: The S&P 500 fell 1%, the Dow Jones Industrial Average dropped 400 points (or 1.6%), while the Nasdaq Composite fell 1.5%. The declines

The big picture: Asian stocks were also fell — including in Japan, which closed down 0.8% after the announcement, despite spending much of the day trading up, per the New York Times.

  • European stocks also opened over 1% lower in early trading.

What they're saying: "Markets hate uncertainty and this ticks all those boxes," said Asia Pacific with Oanda Corp. senior market analyst Jeffrey Halley, told Bloomberg.

  • "Not because of the President alone, but because this potentially means it has spread to the upper-level echelons of the government in the U.S."

Go deeper

Stark reminder for America's corporate leaders

Rosalind "Roz" Brewer is about to become only the second Black woman to permanently lead a Fortune 500 company. She starts as Walgreens CEO on March 15.

Why it matters: It's a stark reminder of how far corporate America's top decision-makers have to go during an unprecedented push by politicians, employees and even a stock exchange to diversify their top ranks.

Ina Fried, author of Login
Updated 1 hour ago - Technology

Apple's quarterly sales top $100 billion for first time

Credit: Apple

Spurred by strong sales of the latest iPhones, Apple reported it took in a record $111 billion in revenue for the three months ended Dec. 31, as the company crushed expectations.

Why it matters: The move showed even a pandemic didn't dull demand for Apple's latest smartphones.