Markets could be overreacting to Trump getting the coronavirus, some strategists say

Traders wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease (COVID-19) continues New York, May 27, 2020.
Lucas Jackson | Reuters

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President Donald Trump's Covid-19 diagnosis shouldn't have much impact on the fundamentals for stocks and Friday morning's sell-off was not warranted, some strategists said in early reactions.

Trump announced early Friday morning that he and First Lady Melania Trump had tested positive for the virus, leading to a sharp drop in futures contracts tied to the U.S. market. Futures for the Dow Jones Industrial Average were down 500 points at one time.