An illustration of the new coronavirus that causes the disease COVID-19. Image courtesy of the Centers for Disease Control.

Stocks are pulling lower Friday, as Wall Street’s first reaction to President Donald Trump’s testing positive for the coronavirus was to retrench.

The S&P 500 was down 0.6 percent in morning trading, and a measure of fear among investors was on the rise. But the moves weren’t close to as chaotic as earlier this year, when markets were first selling off on coronavirus fears. Stocks were also paring their earlier losses, with the S&P 500 more than halving its 1.7 percent drop from shortly after trading began.

The Dow Jones Industrial Average was down 116 points, or 0.4 percent, at 27,700, as of 10:07 a.m. Eastern time, after earlier being down 433 points. The Nasdaq composite was 0.9 percent lower.

“To say this potentially could be a big deal is an understatement,” Rabobank said in a commentary. “Anyway, everything now takes a backseat to the latest incredible twist in this US election campaign.”