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

Updated 16 hours ago - World

France becomes 2nd Western European country to top 1M coronavirus cases

French President Emmanuel Macron at the Seine Saint Denis prefecture headquarters in Paris, on Tuesday. Photo: Ludovic Marin/POOL/AFP via Getty Images

France has become the second country in Western Europe to surpass 1 million COVID-19 cases, Johns Hopkins University data shows

The big picture: France had reported 1,000,369 cases and 34,075 deaths from the coronavirus by Thursday morning, per JHU. French President Emmanuel Macron declared a state of health emergency and imposed a curfew on virus hot spots earlier this month. Spain on Wednesday became the first Western European nation to top 1 million cases.

How the coronavirus pandemic could end

Illustration: Sarah Grillo/Axios

It's still the early days of the coronavirus pandemic, but history, biology and the knowledge gained from our first nine months with COVID-19 point to how the pandemic might end.

The big picture: Pandemics don't last forever. But when they end, it usually isn't because a virus disappears or is eliminated. Instead, they can settle into a population, becoming a constant background presence that occasionally flares up in local outbreaks.

Caitlin Owens, author of Vitals
22 hours ago - Health

Many U.S. coronavirus deaths were avoidable

Data: National Center for Disaster Preparedness; Chart: Sara Wise/Axios

If the U.S. death rate had matched that of other wealthy countries, between about 55,000 and 215,000 Americans would still be alive, according to a scathing new analysis by Columbia University's National Center for Disaster Preparedness.

Why it matters: These countries have taken a significantly different approach to the virus than the U.S., providing yet another example that things didn't have to be this way.