United States and global markets slid on Friday after reports that US President Donald Trump and First Lady Melania Trump had tested positive for the coronavirus, CNN reported. Trump’s diagnosis could derail his campaign for the US presidential elections, due on November 3.

As of 5 pm Indian Standard Time (7.30 am Eastern Time), Dow Jones futures were trading 1.40% at 27,301 points. The Nasdaq 100 futures market was at 11,323 points or 2.17% down. The S&P 500 futures index traded 1.57% down at 3,314.75.

The Australian market declined by 1.42% to close at 5,983.20. Japan’s Nikkei 225 closed 0.67% down at 23,029.90. The Shanghai SE Composite Index ended almost flat, but marginally lower, at 0.20% down. However, the Hong Kong Hang Seng finished strong at 23,459.05, or 0.79% higher.

European stocks were trading lower in mid-session. London’s FTSE 100 was trading 0.78% down at 5833.39. Germany’s DAX index had declined 1.18% to 12,580.44. The Swiss market index was down 0.63% to 10,173.19.

The oil futures market also tumbled. US crude futures fell 4.3% to $37.06 per barrel, while Brent, the world oil benchmark, lost 4.2% to hit $39.20 per barrel. Futures tracking Wall Street indicated that US indices would open around 2% lower on Friday.

“The Trump diagnosis is an immediate negative,” Jeffrey Halley, senior market analyst for Asia Pacific at Oanda Corporation told CNN. However, he said that assets locked up in “safe havens” across the world will strengthen on news of Trump’s illness.

Paul Donovan, the chief economist at UBS Global Wealth Management, said in note to clients that while there will be an initial impact on the markets, it will be sustained only if it is felt that Trump’s diagnosis would influence the outcome of the presidential elections, The Washington Post reported.