U.S. stocks slumped in volatile trading as investors weighed the implications of President Donald Trump’s positive test for the coronavirus along with renewed efforts to forge agreement on fiscal stimulus.

The Nasdaq 100 led losses amid declines for tech companies including Apple, Microsoft and Amazon.com. The megacap shares also dragged down the S&P 500 Index, even as two stocks gained on the gauge for each one that fell. A disappointing jobs report that showed less hiring than analysts had estimated underscored the urgency to push through an aid measure, and stocks pared losses as House Speaker Nancy Pelosi signaled progress on a bill.

Crude oil tumbled for a second day. The yen, often seen as a haven in times of market stress, edged higher amid the increased uncertainty in the runup to the Nov. 3 presidential election.

Traders had already been bracing for turmoil ahead of the ballot and in the months afterward, and the CBOE Volatility Index, known as Wall Street’s fear gauge, jumped the most in a month at one point Friday before paring the increase.

“Whether it’s the president’s health situation or the payrolls report, this pandemic is still very much with us,” Anastasia Amoroso, head of cross-asset thematic strategy at JPMorgan Private Bank, said in an interview on Bloomberg Television. “This really raises the specter of the importance for getting the fiscal stimulus done and for making sure people have access to enhanced unemployment benefits.”

Pelosi urged airlines to delay job cuts, saying an aid package was on the way. The House will either pass a stand-alone airline bill or include relief in a broader stimulus package, she said.

While Trump was said to be experiencing only mild symptoms, the president’s diagnosis adds to gloomy developments around the virus as big cities once again turn into hotspots. New York reported the most new cases since May, while London is said to be at a “tipping point” with infections continuing to rise. Thousands of job cuts this week showed how firms are still wrestling with readjustments needed to survive.

In Europe, stocks edged higher. The pound gained on news U.K. Prime Minister Boris Johnson will intervene in the Brexit negotiations for the first time since June when he holds talks with his EU counterpart on Saturday.

Investors will also be watching this weekend for news on Trump’s health and the spread of the coronavirus.

“To the extent that government functions as normal, markets will be concerned, but not necessarily panic,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “However, this incident highlights how COVID-19 continues to be a threat to the economy and markets.”

These are the main moves in markets:

Stocks

The S&P 500 Index fell 0.6 per cent as of 1:35 p.m. New York time.
The Stoxx Europe 600 Index rose 0.3 per cent.
The MSCI Asia Pacific Index declined 0.5 per cent.
The MSCI Emerging Market Index decreased 0.3 per cent.

Currencies

The Bloomberg Dollar Spot Index was little changed.
The euro dipped 0.3 per cent to US$1.1718.
The British pound advanced 0.4 per cent to US$1.2936.
The Japanese yen strengthened 0.2 per cent to 105.37 per dollar.

Bonds

The yield on 10-year Treasuries rose two basis points to 0.70 per cent.
Germany’s 10-year yield was little changed at -0.54 per cent.
Britain’s 10-year yield rose one basis point to 0.24 per cent.

Commodities

West Texas Intermediate crude sank 3.9 per cent to US$37.20 a barrel.
Gold fell 0.3 per cent to US$1,900.62 an ounce.