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Stocks fell on Monday as fears about the potential worsening of the coronavirus pandemic, as well as uncertainty on further U.S. fiscal stimulus, rattled traders.
The Dow Jones Industrial Average came off its lows of the day, but still fell 509.22 points, or 1.8%, to 27,147.70.
The S&P 500 dipped 38.41 points, or 1.2%, to 3,281.06.
The NASDAQ ditched 14.46 points to 10,778.80.
Monday’s decline marked the first time since February that the S&P 500 posted four straight daily losses. The Dow, meanwhile, had its worst day since Sept. 8, when it dropped 2.3%.
The S&P 500 is down more than 6% in September and the Dow has lost 4.5%. The NASDAQ has tumbled 8.5% month to date.
Concerns over another wave of coronavirus cases came as the U.K. reportedly considers another national lockdown to stop an increase in coronavirus infections.
Shares of Carnival Corp. were off by 6.7%. Southwest Airlines stumbled 5.8%, and Delta Air Lines fell 9.2%.
Bank stocks also contributed to the broader market drop after a report found that a number of global banks moved allegedly illicit funds.
Shares of Deutsche Bank dropped 8.5%, while JPMorgan Chase fell 3.3%.
Shares of General Motors fell 4.8% after Nikola founder Trevor Milton resigned from his post of executive chairman. Milton’s departure — which sent Nikola shares down 19.3% on Monday — comes after the two companies announced a partnership earlier this month.
In Washington, negotiations for a new coronavirus stimulus bill could become more complicated after the passing of Supreme Court Justice Ruth Bader Ginsburg, which could lead to a bitter nomination process ahead of the election.
Trump said he would nominate someone this week to take Ginsburg’s seat. Republicans and Democrats have been in a stalemate since July after provisions from the previous stimulus bill expired.
Meanwhile, tensions between the U.S. and China keep escalating. China’s Ministry of Commerce released long-awaited provisions on its so-called "unreliable entity list," a day after the U.S. announced a ban on WeChat and TikTok.
Prices for the 10-Year Treasury fell, raising yields to Friday’s 0.67%. Treasury prices and yields move in opposite directions.
Oil prices subtracted $1.43 to $39.68 U.S. a barrel.
Gold prices sank $44.50 to $1,917.60 U.S. an ounce.
