U.S. Stocks fell sharply into their worst drop of the coronavirus outbreak on Monday, dropping lower than the massive sell-off on Thursday and losing all of Friday's gains. On Sunday, the U.S. Federal Reserve cut interest rates down to almost zero, which is their lowest level since 2015, and launched a $700 billion quantitative easing program.

All three major market indices fell to their closing lows after President Donald Trump announced that the COVID-19 outbreak could last until August. Trump also hinted to reporters that the U.S. may be headed towards a recession. The biggest concern for investors now its that the closure of businesses and efforts to keep people indoors will halt consumer spending, which is the biggest driver of the economy.

Here's how the stock market closed to begin the week:

S&P 500 Index (SPY  ): -11.98% or -324.89 points to 2,386.13

Dow Jones Industrial Average (DIA  ): -12.93% or -2,997.1 points to 20,188.52

Nasdaq Composite Index (QQQ  ): -12.32% or -970.28 points to 6,904.59

In Major Stock News, Amazon (AMZN  ) has announced that it will hire 100,000 more workers and raise wages due to the increase demand for delivery. Universal Pictures (CMCSA  ) is offering its latest theater releases to viewers at home in the same way Netflix (NFLX  ) releases films. Apple (AAPL  ) shares fell Monday after the company stated it will me closing its all stores outside of China for two weeks. Shares for big banks were hit very hard today, with JPMorgan (JPM  ), Bank of America (BAC  ) and Morgan Stanley (MS  ) all down about 13%.

In Stock Sector News, all sectors took a beating Monday, especially those that rely on a health, moving economy. The performance losses were as follows: Real Estate -16.55%, Financials -13.99%, Information Technology -13.91%, Energy -13.63%, Consumer Discretionary -12.08%, Utilities -11.54%, Industrials -11.45%, Materials -11.44%, Communication Services -10.44%, Health Care -9.99% and Consumer Staples -6.99%.

Lastly, in Commodity and Currency News, crude barrel prices dropped to new lows Monday. West Texas Intermediate (USO  ) and Brent Crude (BNO  ) prices dropped to below $30 for the first time in four years as demand wanes. Gold (GLD  ), on the other hand, increased amid the market sell-off. The yellow metal's ounce price gained +0.56% to cost about $1,516. Finally, the U.S. Dollar (UUP  ) is still gaining during this financial crisis, with the DXY Index increasing +0.07%.