Dow futures pointed to a higher Tuesday open after Wall Street soared following President Donald Trump's afternoon tweet that he was leaving Walter Reed National Military Medical Center on Monday evening. He did indeed return to the White House to continue his Covid-19 treatment and recovery, easing concerns about more political uncertainty ahead of Election Day. Investors also bought stocks on hopes that Capitol Hill can come through with an additional coronavirus stimulus package. On Monday, the Dow Jones Industrial Average closed up 465 points or 1.7%, while the S&P 500 and Nasdaq rose 1.8% and 2.3%, respectively.
Later Tuesday morning, Federal Reserve Chairman Jerome Powell speaks at the annual meeting of the National Association for Business Economics at 10 a.m. ET.
Shares of Vir Biotechnology soared 17% in Tuesday's premarket after Vir and partner GlaxoSmithKline announced an expansion of their trial of an experimental antibody to treat Covid-19 after initial use by a group of volunteers did not raise any safety concerns. GlaxoSmithKline shares fell in the premarket after Monday's rise.
Trump is expected on Tuesday to receive his last of a five-day course of Gilead Sciences' antiviral drug remdesivir. The president's physicians said Monday that Trump remains contagious and won't be fully "out of the woods" for another week. Trump returned to a White House where the spread of coronavirus widened again Monday, with press secretary Kayleigh McEnany and two of her deputies testing positive. Others connected to Trump and White House who have tested positive include first lady Melania Trump, campaign manager Bill Stepien, RNC Chair Ronna McDaniel, advisor Kellyanne Conway, Chris Christie, and GOP Sens. Mike Lee, Thom Tillis and Ron Johnson.
The president walked out of Walter Reed to Marine One for the short flight to the White House on Monday evening. He then walked to the White House and up the stairs to the Truman Balcony for photos without a mask. Tweeting on Monday before leaving the hospital, Trump wrote, "Don't be afraid of Covid" and "Don't let it dominate your life."
The president pointed to evolving treatments and greater knowledge of the virus as the reasons even with more than 210,000 Covid-19 deaths in the U.S. from nearly 7.5 million cases. Trump also tweeted he will be back on the campaign trail soon.
Joe Biden has been stepping up his in-person campaign events, planning a trip later this week to Arizona, which has not backed a Democratic presidential candidate since 1996. The former vice president on Monday made a second trip to Florida in a little over two weeks. During a Monday evening NBC News town hall in Miami, Biden said the president, through his general refusal to wear masks and disregard for social distancing, bears responsibility for becoming infected with Covid-19.
Biden is leading Trump by 8.5 percentage points in the RealClear Politics average of national polls. Biden is also ahead in several swing state surveys, including CNBC's latest States of Play poll conducted over the weekend. In six major battleground states — Arizona, Florida, Michigan, North Carolina, Pennsylvania and Wisconsin — 50% of likely voters said they favored Biden. Forty-five percent of respondents favored Trump.
As Trump recovers from coronavirus, Vice President Mike Pence is taking a lead role in campaigning with 28 days until the Nov. 3 election. On Monday, Pence started a swing through key states to bolster the president's chance for reelection. He will be in Utah on Wednesday for the first and only vice presidential debate against Biden running mate Sen. Kamala Harris. Because of coronavirus concerns, a Plexiglas barrier will separate Pence and Harris on stage. The debate commission also said the chairs for Pence and Harris would be positioned slightly more than 12 feet away from one another. Harris, like Biden and Pence, has tested negative for Covid-19.
— The Associated Press and Reuters contributed to this report.