Trump’s Error-Laden ‘Foreign Virus’ Speech Has Investors Spooked

https://www.bloomberg.com/news/articles/2020-03-12/trump-s-error-laden-foreign-virus-speech-has-investors-spooked
 

The America First presidency collided with a global pandemic Wednesday night. The result did not appear to reassure skittish markets or a nervous nation.

President Donald Trump relied on a familiar playbook as he spoke in a prime-time address from the Oval Office, announcing sweeping new restrictions on travel from Europe and scattered executive actions to help workers and businesses rocked by what he labeled a “foreign virus.”

He blamed allies for not adopting tough immigration measures that he said had prevented a wider outbreak in the U.S. But the combative approach and small-bore measures seemed only to highlight the president’s struggles to confront the most consequential moment of his presidency.

And even in a 10-minute address, Trump couldn’t stick to the facts.

 

The speech clearly underwhelmed investors, who have been waiting for a “major” economic plan the president promised on Monday and has yet to put to paper.

Futures on the benchmark S&P 500 index steadily deteriorated as details of Trump’s plan leaked out over the dinnertime hours in New York. Down about 0.8% when his remarks began, the loss extended to 2% by the time the president finished speaking and got worse from there.